It's over... bubble about to pop in Seattle housing market!

Dropbox
ohcall

Go to company page Dropbox

ohcall
Apr 17 62 Comments

All you need to do is search for homes that have been on the market for more than 1 week or homes that have had their price reduced. Both are becoming more regular phenomena which were unthinkable few months back. Buyers are either priced out or refusing to pay so much given rising interest rate. Whatever be the case, sellers market is now over. Buyers with cash will rule this market! No more crazy bidding wars. Summer is when shit will hit the fan.

As for me, I bought it at peak frenzy back in Jan. I should've known with the luck I have that things were gonna go down.... sigh... at least I got a decent interest rate of 3% fixed.

For those that are still looking, what are your experiences?

Tc: 325k
Yoe: 7

62

comments

Want to comment? LOG IN or SIGN UP
  1. TOP
  2. RECENT
  3. OLD
 TOP 62 Comments
  • Google
    tch tch

    Go to company page Google

    tch tch
    Damn, that's a good data point about your luck OP.
    Please keep us posted on all your future investment plans etc too πŸ˜œπŸ™‚
    Apr 17 2
  • NO. People have been saying the same like you OP for 6 months.
    Apr 17 3
  • Apple
    dpJT52

    Go to company page Apple

    dpJT52
    Meanwhile in Cupertino 2 houses sold yesterday for 1.2 M above asking price and another for around 1.5 M. All cash offers. Same houses were worth 40 percent in 2020. So went like 3x
    Apr 17 5
  • VMware
    Null ID

    Go to company page VMware

    Null ID
    This Redfin data aligns with your post:

    "According to Redfin, 12% of homes on its site saw sellers cut prices in the week ending April 9. That was the biggest one-month spike Redfin saw in price cuts since 2015. Over the past month, there was also a 3% drop in requests for home tours."
    Apr 17 1
    • Uber
      KzmP06

      Go to company page Uber

      KzmP06
      I also saw Redfin stats that time on market went down in some areas and less homes this weekend. We need 2-3 month of data to see trends.
      Apr 17
  • People are missing the obvious. If sellers can’t make the same money, they won’t be selling or listing their property. Most are in the market to cash out or upgrade to a better place.

    All this will do is further reduce available inventory while others are still vying for properties. Also, new construction will only go up as well. The lumber is not expected to go down until the end of next year.
    Apr 17 3
    • Which is what they will do until the market is stronger again.
      Apr 17
    • Spotify
      2STgTK

      Go to company page Spotify

      2STgTK
      That's not how it works. Companies investing in real estate have fixed costs and need cash flow, so if they are not able to sell, they can't wait till some undefined time to get money to pay for their expenses. They will have to lower prices.
      Apr 18