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Old 04-26-2015, 10:24 AM
 
Location: Spokane Valley, WA
486 posts, read 660,486 times
Reputation: 542

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If you’re thinking about buying a place, you’d best put that off for a while.


Redfin’s “Real Time Housing Market Tracker” report reveals that it’s not only slim pickings out there, it’s getting downright ugly in Seattle. The real estate agency reports that Seattle has the lowest inventory of homes for sale — ever.


In March, “Seattle (2.2) pulled even with chronically supply-starved San Francisco for the first time,” Redfin states.


Nationwide, Redfin reports that home sales went up just over 10 percent in March compared to last year, with new listings increasing by 9.2 percent: “Increased supply has so far kept competition and prices in balance…While 18.5 percent of homes sold above the asking price, that share is down year over year for the 17th month in a row. It was 19.5 percent in March of last year.”


The outlook is not so sunny in the Seattle area. In March, the median sale price for a home was $385,700, an 11.8 percent increase from last year at this time. Update from Redfin: “We consider the Seattle metro area as King and Snohomish counties, which is why the median price is lower. The median price for Seattle proper is in the $400,000s.”


Listing prices are also up an average of 7.9 percent at $409,000. Inventory, while at just over 8,000 properties, is down a whopping 23.6 percent from this time last year as well.


Warmer weather only amps up the real estate game, and this year looks no different. Already, there are about 28.5 percent more listings in March than the previous month, and 12.1 percent more than this time last year. So, while the “for-sale” signs are going out fast, they’re coming down at a record pace: Sales in March were up 44.1 percent from February, and increased by 14.3 percent over last year.

So, if you’re trying to buy, I guess good luck with that? You will need it.


http://http://www.geekwire.com/2015/...ellers-market/
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Old 04-26-2015, 11:04 AM
 
5,076 posts, read 8,722,793 times
Reputation: 4638
Why do you care about Seattle again?
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Old 04-26-2015, 11:12 AM
 
Location: Seattle
6,157 posts, read 4,891,988 times
Reputation: 3721
You just need one house, they are out there. If someone has good income, wants to put down roots and likes the idea of owning a place, why is it wrong for them to buy? Even though some of what you say is correct, people are clearly choosing the home buying path as a viable option. Dramatically rising rents and quite attractive interest rates are motivating factors. As we have discussed, Seattle and Eastside prices still look attractive to relocating people from certain parts of the country. People who can't afford to buy that central gravitate to Bothell, Renton, West Seattle, Colombia City, Issaquah, Shoreline, Lynnwood, Burien, Beacon Hill, Mountlake Terrace, Lake Forest Park, Woodinville, Edmonds and other areas. Another method is to find a home that needs some work and not everybody wants. You have to have a place to live, everyone has a different path. Current conditions create challenges, but these conditions have existed in other cities in this country for a long time. (SFO, NYC, LA). Seattle isn't just a little hamlet anymore, but that doesn't mean people will stop buying homes. Is it hard to get one right now? Yes but with good planning, it happens every day.

Last edited by homesinseattle; 04-26-2015 at 11:52 AM..
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Old 04-26-2015, 11:13 AM
 
Location: Spokane Valley, WA
486 posts, read 660,486 times
Reputation: 542
Quote:
Originally Posted by mkarch View Post
Why do you care about Seattle again?
Because I live and work here....
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Old 04-26-2015, 11:16 AM
 
Location: Spokane Valley, WA
486 posts, read 660,486 times
Reputation: 542
Quote:
Originally Posted by homesinseattle View Post
You just need one house, they are out there. Even though some of what you say is correct, people every day are choosing the home buying path as a viable option. Dramatically rising rents and quite attractive interest rates are motivating factors. As we have discussed, Seattle and Eastside prices still look attractive to relocating people from certain parts of the country. People who can't afford to buy that central gravitate to Bothell, Renton, West Seattle, Colombia City, Issaquah, Shoreline, Lynnwood, Burien, Beacon Hill, Mountlake Terrace, Lake Forest Park, Woodinville, Edmonds and other areas. Another path is to find a home that needs some work. You have to have a place to live, everyone has a different path. Current conditions create challenges, but these conditions have existed in other cities in this country for a long time. (SFO, NYC, LA). Seattle isn't just a little hamlet anymore, but that doesn't mean people will stop buying homes.
Totally agree with what you are saying....

Around my neighborhood, houses are turning over pretty quickly. They go on the market and sold within days or weeks. Most of them have been owned for 10 years or so. Seems people are getting out while the gettings good.

Even though I am not planning on selling for quite awhile (if ever), it is nice to see the market fluctuate like it is, and watch the "experts" try and explain the fascination.
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Old 04-26-2015, 11:26 AM
 
Location: Seattle
6,157 posts, read 4,891,988 times
Reputation: 3721
I guess I'm not really trying to explain the market, really boils down to supply and demand. Some people buy, some don't. That's how it is everywhere.
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Old 04-26-2015, 12:42 PM
 
2,639 posts, read 5,280,536 times
Reputation: 2354
Quote:
Originally Posted by homesinseattle View Post
As we have discussed, Seattle and Eastside prices still look attractive to relocating people from certain parts of the country.
Only those that don't really care what they end up in, just that they end up close to their job. Which is fine - but that debunks the silly notion that Seattle is "attractive" in terms of pricing. It isn't.


Quote:
Originally Posted by homesinseattle View Post
People who can't afford to buy that central gravitate to...
Quote:
Originally Posted by homesinseattle View Post
Bothell
$400k and up = overpriced. Especially given the tiny lot sizes - and do mean TINY - on the new developments. Existing developments are already occupied and if they are selling, are sometimes upwards of a million in some cases. If they're commuting to Seattle they won't find a cost benefit either given how cut off Bothell is - and unless you work at AT&T, Progressive, Vertafore, Phillips or Boeing, this place doesn't make sense except for retirees.

Quote:
Originally Posted by homesinseattle View Post
Renton
Extremely limited stock of homes. The ones that are available exceed $400k.

Quote:
Originally Posted by homesinseattle View Post
West Seattle
No stock available. I know because it's the first place I looked. But then, I don't go for houses that are tiny shacks with no lots and no garages for $500k, which is all you find out there.

Quote:
Originally Posted by homesinseattle View Post
Colombia City
You're kidding, right? There haven't been homes available here in quite a while. Maybe one-off overpriced ones, but they don't last long.

Quote:
Originally Posted by homesinseattle View Post
Issaquah
Over $500k.

Quote:
Originally Posted by homesinseattle View Post
Shoreline
Is extremely overcrowded. Homes that are available are dumps that are overpriced.

Quote:
Originally Posted by homesinseattle View Post
Lynnwood
Nobody "gravitates" to Lynnwood. They live here if they're Boeing employees or they work in Lynnwood itself. Period.

Quote:
Originally Posted by homesinseattle View Post
Burien, Beacon Hill
Boeing OR they work in Seattle downtown. People don't choose to live here because of price, but because of commute.

Quote:
Originally Posted by homesinseattle View Post
Mountlake Terrace, Lake Forest Park, Woodinville, Edmonds...
See Bothell.



A better indicator, for those that can't afford to live in Seattle proper, of where people gravitate:
  • Auburn
  • Kent
  • Tacoma
  • Lakewood
  • Puyallup
  • Tulalip area
  • Bainbridge
  • Sammamish
  • Bellingham/Sudden Valley
  • Fife
I bold Tacoma as likely #1 on the list of gravitation.
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Old 04-26-2015, 01:08 PM
 
Location: Seattle
6,157 posts, read 4,891,988 times
Reputation: 3721
relevated, I don't disagree with you. I think the places you reference (I'd add Everett, Federal Way and North Bend) are the next ring out after the places I've mentioned. I'm not for a minute saying the areas I detailed are cheap, but certainly they are less expensive than central Seattle or Bellevue. I know lots of people who have moved to those places, usually by choice.
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Old 04-26-2015, 02:24 PM
 
9,636 posts, read 24,118,899 times
Reputation: 5287
So...what is one supposed to do if one gets a job in Seattle? You have to live somewhere.
I guess it depends on how a nice a home you want, how far you're willing to commute, how long you plan on staying, and how important the schools are.
For expensive houses, renting is less expensive, because there's not a huge demand for million dollar houses as rentals. rent on a million dollar house is going to be quite a bit less expensive than the mortgage payment for the same house. Most people who are looking at million dollar houses wouldn't consider renting.
If you're not sure you're going to like seattle, or you have a tendency to move to another city every couple of years, it doesn't make a lot of sense to buy a house, because the transaction costs are so high( about 3% of the purchase price to buy a house, and about 9% of the sale price when selling).
But if you've found your forever home, the one you plan on staying in for 20 years, and your income can pay the mortgage without going on the canned beans and ramen diet, then the fact that the market is hot right now doesn't matter quite so much.
Yes, inventory is horribly low right now. There's not a lot for sale, and there are lots of people looking to buy houses right now. So choices have to be made. Are you willing to spend more than you thought you would? Are you willing to live a little further away? Are you willing to live in a smaller house than you wanted? Are you willing to live in a style of house that you never wanted?
That's the reality of the market right now. You can't just find a house on the market in a sought after neighborhood and just easily buy it. You might win the bidding war but then have to fork up tens of thousands of additional money at closing because the house appraised for less than the selling price.
It's not an easy time to be a home buyer right now. Yes, people are still buying houses every day, but not always the house they really wanted, or in the neighborhood they really wanted, or for the price they really wanted.
On the other hand, if you're thinking about selling your house: Inventory is low, prices are high, and many homes for sale are seeing multiple offers, many above the asking price. There might be a better time to sell in the future, but there might not.
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Old 04-26-2015, 05:06 PM
 
Location: San Ramon, Seattle, Anchorage, Reykjavik
2,254 posts, read 1,076,734 times
Reputation: 3173
Ugh. This is the only issue we have with the decision we are trying to make to take the job in Seattle or stay in the Midwest, far from mountains and ocean. Too bad I didn't take the opportunity in 2010-2011.
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