The way housing prices is rising in Greater Seattle Area, I do not think I would ever be able to afford a 3-4 bedroom single-family house with my salary now. Just browsing through Zillow and Redfin gives me anxiety and I do not even want to start looking actively for a house. It is just depressing. Do others with a similar TC / level feel the same for the Seattle area? People who already own the house what pushed you to go for it? Is it always better to just keep renting unless you have kids? YOE: 6.5 TC: 248K Level: SDE 2 #mortgage #housing #seattle
Why are you assuming you'll always be an SDE 2 making your current salary? You have 6.5 YoE. Go to another company and get a pay raise
Yep. It’s becoming Bay Area. You’re an entry level buyer. Look for entry level stuff. Not 4bed house.
What do you recommend? 2 bed condos?
I don’t know. You decide. But those days are over. Join Microsoft. Buy a 2700 sqft 4b2b in Redmond while having 5yoe. You are priced out. If you are hoping for a crash, it might happen who knows. But if it does crash do you think you are special and won’t be affected?
Start saving and start learning how to invest my friend. Or else yes, you will never buy a house.
I have decent amount of investments and savings across 401k, amazon stocks and other tech stocks. But I just can't get around selling 50% + of those investments to just get a down payment on this on piece of real estate. May be house buying is not for me.
What I am saying is, grow your investment to 1M, and simply take out 200-300k for a down. From the way you described your investment, sounds like you only have about 300k, then obviously don’t sell everything just for a down, otherwise you would have nothing invested. Edit: my personal experience - grow 35k to 1M from 2017-2020. Put 20% of my gains into a property. So yes, learning how to invest is key to financial success.
Housing will crash. Then if you still have a job you can buy if you want.
Well, I do not think its gonna crash. No inventory, real low interest rates and the remote working culture is just gonna push prices higher for the foreseeable future (~5 years). Do you think otherwise?
I think otherwise. Current prices are based on historical low rates never before seen for a thousand years. Rates will go up along with inflation. Nobody will loan at low prices. Today at 3% if 30k mortgage is affordable for a 1 million dollar home, at 6% rate, price has to become 500k to remain affordable. Otherwise yearly interest goes up to 60k which is not affordable.
What area are you looking at? You would probably have to look at bothell, Millcreek and Woodinville for single family homes 4bd 2b. Seattle maybe not.
Same boat here. Unless I increase the budget by 300-400k it seems impossible to buy one in a decent location. Other option is to just go far out in middle of nowhere to get a decent home :(
2 Million for a horse stable in Bay Area and other places + 2 Million to rebuild the house. Pull the trigger and move out. You will find another employer. Don't be married to the place in your pursuit of happiness and peace.
Bro housing will not collapse. Buy a house in a developing area and pay 10% down. Remaining money invest in 1 year refinance nd u ll save money. U dont need to shell out 1.5 million straight away. Good thing about usa is loan loan loan.
Very good point. It's a realization I had a while back, perhaps I'm too young and naive that I didn't think about it sooner. Now, I am only looking for fully remote jobs because I don't want to drop a big amount on a house when I make more from stocks.
Imagine Bay Area