Buying a house in Monroe, WA

Amazon
lGXA85

Go to company page Amazon

lGXA85
Feb 20, 2021 12 Comments

Hi all,

I am considering buying a couple of years old house in Monroe, WA; I do prefer a newer house. My budget is ~700k. With the crazy bidding war going right now, the listing value has to be below 600k in order to hit my target bracket.

Thoughts/questions (people who know about Monroe)
- public transportation doesn't look great; P&R with 102 spots, 2 buses to downtown Seattle with a commute time around 1:10min which doesn't look that bad. any experience?
- does anyone take Carpool/Vanpool to downtown Seattle? does it exist? experience?
- least of my concern - how is diversity? I have seen a few Indian/Chinese in the area so looks like diversity is picking up slowly in the area.
- School district seems decent (7) for being in Snohomish county. please add details if you know more.
- BOTTOM LINE: DOES IT MAKE SENSE TO OPT FOR NEWER HOUSE IN MONOE OR OLDER HOUSE IN SOMEWHERE LIKE MILLCREEK?

General Thoughts/questions
- I am getting quote as low as 2.5% interest rate by purchasing 1 point which seems like a great rate and likely will not see that level interest rate while I am alive.
- Does it make sense to bite the bullet with a 15-20% escalation price but with a record low-interest rate?
- Or does it make more sense to sideline for 5 months to a year even if the interest rate goes higher, likely housing price will at least stabilize if not lower.

#mortgage #housing #monroe, #snohomish, #rate, #seattle

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TOP 12 Comments
  • Salesforce / Sales
    ur manager

    Go to company page Salesforce Sales

    PRE
    Amazon, Microsoft, Smartsheet, Starbucks, Facebook
    ur manager
    Monroe is deep. My friend’s parents live there and it is very beautiful and scenic routes are super close. If you can be WFH majority of the time I’d do it, otherwise it’s not worth IMO
    Feb 20, 2021 4
    • Salesforce / Sales
      ur manager

      Go to company page Salesforce Sales

      PRE
      Amazon, Microsoft, Smartsheet, Starbucks, Facebook
      ur manager
      My friend told me he has a friend who lives in Monroe and commuted to Seattle (he works at Amazon) and it was like a 2hr commute each way LOL.
      Feb 21, 2021
    • Amazon
      lGXA85

      Go to company page Amazon

      lGXA85
      OP
      With the WFH becoming the norm at last for the next few years, I might go for it. School districts don't matter for the next 7-8 years. Worst case scenario, I will buy another property in a good location if there is a crazy in few years and put Monroe one for lease. At the bare minimum, I will build some equity.
      Feb 21, 2021
  • AT&T
    lSYj72

    Go to company page AT&T

    lSYj72
    It’s might work but you need private school. Public schools are terrible. Your kids will be bullied.
    Feb 21, 2021 1
  • Ewwww Monroe??? It’s legit a shithole. Live in Bothell or Kirkland ffs
    Feb 20, 2021 0
  • In Snohomish County between Bothell and Mill creek here ... you’re probably unlikely to hit 600k in mill creek. More likely in Monroe even in Monroe this is getting to be a low budget. Monroe is maybe 20-30 more minutes out on 522 from downtown Seattle which is already 1.5 hours in normal traffic (non covid) times for me . hwy 2 can get bad and watch out for stuff on the south side of hwy 2 .. flood zone .. the racetrack ruins a bit of the newer properties on the north side of hwy in my opinion.
    Feb 20, 2021 1
    • Amazon
      lGXA85

      Go to company page Amazon

      lGXA85
      OP
      yeah agreed. Commute will be a killer likely. Likely for this year and part of next year will be WFH so I might pull the trigger and if things turn into hell, could always lease and move closer.
      Feb 20, 2021
  • I am sidelining now but not for an year..if things don’t slow down in 6 months, I will jump in
    Feb 20, 2021 1
    • Amazon
      lGXA85

      Go to company page Amazon

      lGXA85
      OP
      yeah, but if most of the predictions are correct, with the 2 trillion injections into the market, inflation has to skyrocket which will only push the housing prices higher.

      I would advise you not to wait, especially if you are buying for the long term. Even if the housing market takes a smaller dip, with a low-interest rate and higher inflation in the future, you will be paying the mortgage with much cheaper value!
      Feb 20, 2021