Buying house in the middle of pandemic, good or bad? (Seattle: real estate, apartments)

[toast987]

What are your thoughts on buying a house in the middle of pandemic? We want to buy but also scared since housing in this area is so expensive. Asked couple of people and always got mixed feedback. Real Estate agents tend to suggest we should buy, other people say we should wait.

[Oh2Me]

Hi Toast,

A recent homeowner, not in the Seattle area, I would recommend you buy when it's the right time for you. If you feel ready to take on the process, handle rejection (especially in a competitive market), and allocate funds towards buying, moving, and any immediate updates, I say go for it. As far as advice from others, you've got to listen to your own before going forward. I think everything else is like trying to "time the market" and that's very difficult for most people to nail down The board does have a ton of inquiries this year regarding buying and would also be a good resource while you're weighing your options. Best of luck in your decision and search.

[NeedSun25]

There's no way I would do it unless I had to. I'm not doing anything during this pandemic that I don't absolutely have to do.

[flyingsaucermom]

The pandemic doesn't matter nearly as much as your personal finances!

Do you have a nest egg? (3-6 months living expenses) Do you have a competitive down payment?

Do you and/or your partner/spouse have stable, recession-proof employment (if you have tech skills you probably do)?

Do you know what kind of neighborhood or home you want?

Are you ready to commit to your home for at least the next 5 years?

We bought a property (non-rental, secondary) in October. After we ran through all of the above we determined that we were able and willing to make the commitment. No regrets and in fact, I feel really good about it.

The demand in this area isn't gong to go away so the sooner you can buy, the better...

But it only makes sense if you're financially ready.

[Hemlock140]

Prices are continuing to go up and demand is still really strong. In our neighborhood 3 homes have sold since the start of quarantine in March. They all sold for over asking with multiple offers, and are already currently valued at $100-150k over what they paid, in less than a year. All were millennial families with young kids, working at Amazon, coming from Apartments. With apartment rents dropping in Seattle at the same time, I wouldn't be anxious to buy a condo in the city, as they may drop soon, but houses and townhomes in the suburbs are not likely to lose value in the near future.

[homesinseattle]

Some people are motivated (and helped to qualify) by the historically low interest rates.

[Chilkoot]

There are two markets out there right now. Single family homes continue to see bidding increases while the downtown area is soft. I actually think with the low interest rates and the prices that keep dropping on condos downtown that now might be a good time to buy if you’re looking at downtown. Not the most appealing place to live right now but there are some good opportunities. Things will turn around.

[Seattleareanative]

Hi Toast - is your concern over an economic downturn due to the pandemic or that you don't want to expose yourself to COVID when viewing houses?