All signs point to a coming decline in Seattle home prices? (real estate, lease)

[usernametaken]

Seattle population growth finally slows:

https://www.seattletimes.com/seattle...or-u-s-cities/


And this work-from-home trend will let many people move to other cities, states and even countries.

Twitter and Square permanent work from home:

https://www.forbes.com/sites/jackkel.../#54145a72614b

Shopify permanent work from home:

https://www.bloomberg.com/news/artic...rom-home-shift

And locally:

Zillow:

https://www.geekwire.com/2020/zillow...turned-upside/

Microsoft worried about trend?
https://www.foxbusiness.com/technolo...m-home-warning


Sooner or later, a lot of IT jobs will be off-shored to cheaper locations in the age of Zoom, Teams and Slack.

[thatguy950]

Of course, it’s been building for a while and simply was a matter of time, anyone who says otherwise is delusional or trying to sell you something

[Montezia]

I personally knew of a few people who recently bought a home. Are they in trouble? With the prices of housing it is a matter of time. I don't imagine the homeless situation and dead downtown area is helping much either.

[flyingsaucermom]

I think if climate change is really still "a thing" then the PNW will continue to attract people as other areas of the country will be less comfortable than they are now. So will we, of course, but it's all relative, right? I mean, being 5-10 degrees above average for us means mid to upper 80's and lower 90's with low humidity instead of upper 90's and lower 100's with humidity life if you're from the mid-section/midwest.

Those employees will have a choice. Or maybe not... Will these tech companies offer lower salaries to those employees working remotely from lower COL cities?

[usernametaken]

Now Facebook too:

https://www.cnbc.com/amp/2020/05/21/...-remotely.html

This decision will allow Facebook to improve the diversity of its workforce and spread economic opportunity across more places.

"When you limit hiring to people who either live in a small number of big cities or are willing to move there, that cuts out a lot of people who live in different communities, different backgrounds or may have different perspectives," Zuckerberg said.

[JOinGA]

Originally Posted by Montezia

I personally knew of a few people who recently bought a home. Are they in trouble? With the prices of housing it is a matter of time. I don't imagine the homeless situation and dead downtown area is helping much either.

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.

[jakebarnes]

The street drug addict and mentally ill population downtown haven’t decreased prices yet, surprisingly. Who knows what the economy will look like in a year or two. I hope prices flatten out to give people some relief.

[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.

[bartonizer]

Originally Posted by flyingsaucermom

I think if climate change is really still "a thing" then the PNW will continue to attract people as other areas of the country will be less comfortable than they are now. So will we, of course, but it's all relative, right? I mean, being 5-10 degrees above average for us means mid to upper 80's and lower 90's with low humidity instead of upper 90's and lower 100's with humidity life if you're from the mid-section/midwest.

Those employees will have a choice. Or maybe not... Will these tech companies offer lower salaries to those employees working remotely from lower COL cities?

From the Facebook article referenced earlier and another I read elsewhere, they're absolutely going that direction. Though, in many cases it's a win-win for employees and employers. Building on expensive real estate and making workers endure long commutes and pay a hefty premium to live in a very expensive city just to physically show up for a job that can be done online is somewhat absurd. They can cut costs AND keep most employees happy just by giving them the option of living where they want.

[pnwguy2]

What is interesting about this report it was BEFORE covid-19. I think the market will get back to a normal value with all that is going on, which is a good thing for residents. Perhaps rents will come back to reality. On the other hand, Amazon and Microsoft still seem to be thriving through this mess, so all bets are off.