Do you think the real-estate market would stabilize post COVID? (Seattle: real estate market, apartment)

[pagetrip29]

The house prices in Seattle (and everywhere surrounding) are shooting up through the roof. Every single house coming on market has an offer review date. This is true not only for Seattle and Bellevue but also for areas as far as Lynnwood and as south as Renton and as east as Snoqualmie. Almost every house is selling for 10 to 15% more than list price with some of the good ones selling for even more. I understand that this is due to most tech workers doing WFH and low supply. Despite the pandemic, the real estate market has appreciated really well over past 1 year. Back in the day, many thought that 2018/2019 could be the peak before but its been going up and up.

Will the market every going to stabilize post COVID? With homes selling for such high prices, most of the homes that will come on the market in 2021 will base their pricing on the homes that are selling now. Looks like Seattle will become another Bay Area in a few years where it will be impossible to find a decent home for under a million. What do you guys think?

[homesinseattle]

Originally Posted by pagetrip29

The house prices in Seattle (and everywhere surrounding) are shooting up through the roof. Every single house coming on market has an offer review date. This is true not only for Seattle and Bellevue but also for areas as far as Lynnwood and as south as Renton and as east as Snoqualmie. Almost every house is selling for 10 to 15% more than list price with some of the good ones selling for even more. I understand that this is due to most tech workers doing WFH and low supply. Despite the pandemic, the real estate market has appreciated really well over past 1 year. Back in the day, many thought that 2018/2019 could be the peak before but its been going up and up.

Will the market every going to stabilize post COVID? With homes selling for such high prices, most of the homes that will come on the market in 2021 will base their pricing on the homes that are selling now. Looks like Seattle will become another Bay Area in a few years where it will be impossible to find a decent home for under a million. What do you guys think?

It’s interesting this year, for sure. In my experience, it’s all kinds of people, not just tech workers driving the market. Supply and demand yeah, low interest rates are definitely a factor. Hard to say exactly what will happen to home prices post covid, the Seattle job market seems like it will keep humming along though.

[Bluefox]

Originally Posted by pagetrip29

The house prices in Seattle (and everywhere surrounding) are shooting up through the roof. Every single house coming on market has an offer review date. This is true not only for Seattle and Bellevue but also for areas as far as Lynnwood and as south as Renton and as east as Snoqualmie. Almost every house is selling for 10 to 15% more than list price with some of the good ones selling for even more. I understand that this is due to most tech workers doing WFH and low supply. Despite the pandemic, the real estate market has appreciated really well over past 1 year. Back in the day, many thought that 2018/2019 could be the peak before but its been going up and up.

Will the market every going to stabilize post COVID? With homes selling for such high prices, most of the homes that will come on the market in 2021 will base their pricing on the homes that are selling now. Looks like Seattle will become another Bay Area in a few years where it will be impossible to find a decent home for under a million. What do you guys think?

It’s weird because the condo market does not seem to be doing the same. Seems to be much more of a buyer’s market with price cuts left and right. I was looking into SFHs in far flung areas like Bremerton because WFH policies have changed with my job which have unlocked these areas for me. Tacoma was on the table but meh... I feel like if a bubble bursts it will be hit hardest. But honestly... I may just do a condo. I’m just wishy washy on Seattle right now with the way the city has, in my opinion, been severely mismanaged. The homelessness problem is a major public health issue in my opinion and the city’s attempts to address the issue have been woefully ineffective and in some ways have had an enabling effect.

Anyway, I don’t know what the market is going to do for single family homes but in such a tech heavy city, where tech has if anything grown because of, and not in spite of, the pandemic, I don’t see demand waning.

[homesinseattle]

Originally Posted by Bluefox

It’s weird because the condo market does not seem to be doing the same. Seems to be much more of a buyer’s market with price cuts left and right. I was looking into SFHs in far flung areas like Bremerton because WFH policies have changed with my job which have unlocked these areas for me. Tacoma was on the table but meh... I feel like if a bubble bursts it will be hit hardest. But honestly... I may just do a condo. I’m just wishy washy on Seattle right now with the way the city has, in my opinion, been severely mismanaged. The homelessness problem is a major public health issue in my opinion and the city’s attempts to address the issue have been woefully ineffective and in some ways have had an enabling effect.

Anyway, I don’t know what the market is going to do for single family homes but in such a tech heavy city, where tech has if anything grown because of, and not in spite of, the pandemic, I don’t see demand waning.

People are definitely gravitating away from higher density, smaller spaces. I hear it again and again from clients this year. “We want to get out of this condo and decrease our potential for covid exposure. We want more square footage as we are working from home. We want a garden/yard we can enjoy”. Good time to buy a condo? Maybe so.

[Hemlock140]

I don't see any change for the foreseeable future. In our neighborhood 3 homes have sold since COVID restrictions started, all 3 buyers paid over asking, all 3 are Amazon tech employees, millennials with young kids soon to be school age. One came from Redmond, the other 2 from Seattle and all working from home. We have met and talked to two of them, and in both cases, the fun of apartment living in Seattle has been ended by COVID restrictions, and with the kids they wanted yards and good schools.


Considering that an apartment building may have 20-100 units, there are not going to be nearly enough houses for all of these people to buy. Add to that the reluctance of some cities to add more, and the prices could go up even faster.


https://patch.com/washington/across-...ing-washington

[Sockeye66]

I purchased a condo about 18 months ago and still get app real estate alerts, it's kinda interesting to see what the market's doing.

If commute isn't an issue, W. Seattle is the place to seriously look at. I see quite a few that are on the market awhile resulting in price drops.

Condo market as a whole does not appear to be sharing the same success as single family home.

[dav51lin]

who knows could be long time till covid goes away a lot of idiots ignoring it