All signs point to a coming decline in Seattle home prices? (apartments, condos)

[87112]

The golden goose is cooked! My predictions of a million dollar average shack in the worst areas of Seattle are as wrong as can be.

[thatguy950]

Originally Posted by bartonizer

I mean, it's kind of amusing that tech companies have required physical attendance for so long anyways. Many of the positions could be done remotely, and employers could pay the same or less and save building costs simply by allowing employees to work and live where they wanted, or even within this region. Regarding housing, desirable places with reasonable amenities will continue to be expensive.

Having worked in tech, including the big A, I can tell you the reason they primarily want you in the office vs virtual is due to the work culture, aka no life and all work. Much easier to control employees and ride them into the ground 12hrs a day in the office than when they’re at home

[1AngryTaxPayer]

Originally Posted by thatguy950

Having worked in tech, including the big A, I can tell you the reason they primarily want you in the office vs virtual is due to the work culture, aka no life and all work. Much easier to control employees and ride them into the ground 12hrs a day in the office than when they’re at home

Spot on. You can't pat people on the head every half hour if they aren't in cubes.

[87112]

Originally Posted by thatguy950

Having worked in tech, including the big A, I can tell you the reason they primarily want you in the office vs virtual is due to the work culture, aka no life and all work. Much easier to control employees and ride them into the ground 12hrs a day in the office than when they’re at home

I had a part time at SLU in summer 2 years ago. All my customers were from the Big A. There was no way from outside appearance it was all work no life. TBH most workers to me seemed unstressed, unhurried from the Big A in SLU. I had joked they hired 100k ping pong players.

[Montezia]

Originally Posted by JOinGA

I know of one person renting in Belltown who has a lease coming up for renewal. They used to love living in that area, but the homeless situation is making them feel unsafe and the activities they enjoyed are not happening, so they are looking to buy in a more residential area.

I work in that area so I know how bad it's gotten. Compared to last year it's a shame.

[JOinGA]

Originally Posted by 1AngryTaxPayer

Spot on. You can't pat people on the head every half hour if they aren't in cubes.

There are more aspects to building a successful company and developing employees than sitting people behind a computer for 8 hours a day, whether it is at home or in an office. And a lot of employees want to maintain at least some in-person interaction. Facebook surveyed its employees and found that most of them want flexibility. Only 20% were "extremely or very interested" in moving to full-time remote work even after the virus is no longer a threat. "Another 20% were "somewhat" interested and the largest group wanted flexibility, with some remote and some in-office work."

[homesinseattle]

I like to follow statistics, not sentiment and speculation. Take a look at this. https://www.prnewswire.com/news-rele...301064021.html

[usernametaken]

Your prnewswire link says home sales are now higher than "before pandemic". Would be more relevant if they compare the same week this year to last year. The article you posted also has the below paragraph further down if you read beyond the headline:

The great migration out of America's major metropolitan areas is picking up steam
The big question is whether this demand surge will be a quick burst of buyers who deferred their plans during the shutdown or if it'll last much longer as people hunt for more space and more affordable homes. Search data from Redfin.com suggests that migration from expensive metropolitan hubs to smaller cities and towns has been happening for years, but it seems to be gaining steam since the coronavirus outbreak.

The more relevant question is what increasing at-home work will mean for metro populations in the US.

Originally Posted by homesinseattle

I like to follow statistics, not sentiment and speculation. Take a look at this. https://www.prnewswire.com/news-rele...301064021.html

[homesinseattle]

Originally Posted by usernametaken

Your prnewswire link says home sales are now higher than "before pandemic". Would be more relevant if they compare the same week this year to last year. The article you posted also has the below paragraph further down if you read beyond the headline:



The more relevant question is what increasing at-home work will mean for metro populations in the US.

username, here are the latest stats this week, DM me if you want the actual data report.

"The number of new pending sales continues to rise and the most current week is collectively 82% of the same week in 2019".

Eastside is 72% of a year ago.
Seattle is 95% of a year ago.
Snohomish County 101% of a year ago meaning there were more sales this year than last.

[usernametaken]

Thanks homesinseattle.

I think the stats will be too funky for March-July due to the pandemic and reopening phases. July sales will likely be a record due to all the delayed sales.

FYI -- I might buy something at the end of this year or early next year. I am convinced that prices will decline in 2021. Besides the potential of work-from-home, some reports suggest 10 percent unemployment rates through the end of 2021. Crazy, though I am a bit more optimistic.