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Don’t be in a hurry. That’s where FOMO comes from.
We are on the high end of the business cycle. Buy in a buyers market, rent in a sellers market.
Now would be the time to buy before it heats up again in the summer months. Since you’ll be commuting to Redmond on a regular basis, I’d recommend neighborhoods close to 520, which would be the east side of the city. As long as you stay north of I90, you’ll be fine.
You should wait for the amazon hq2 announcement.
Was looking at one beds in downtown Seattle last year this time, made several offers on various places, was competing against full cash for all of them.... Ended up not buying a place
KPMG 1, I am worried that it will never become a buyer's market in the next five years with the other tech offices that are opening in Seattle.
^or rent (pay less) and buy when you have the upper hand
D1, if the numbers tell that story then congrats to you!
Often people don’t compare apples to apples, and leave out transaction costs, maintenance costs, and all the costs associates with the life of the roof, the carpet, the paint, the appliances etc. And often people aren’t even comparing similar property types in similar locations.
Numbers are what they are and that’s a great place to start.
I haven't spent a lot of time in Seattle. Moving there shortly. Looking for advice pertaining to buy/don't buy, when to buy, process-related, neighborhoods etc. My work is in Redmond but I'm thinking of buying in the city after trying it for a few months.
Waiting for a buyers market will result in waiting to buy for years based off of our current market positions. My close friend is also my agent if you want to talk through market trends with someone. Main point, it's been a sellers market the last couple of years and is looking to stay like this for the next few. Living in Seattle vs the East Side is a big deal depending on the quality of life you are looking for. Young, single/couple looking for more of a scene? Stay in city limits. I'm in this category and live in Bellevue and don't mind it, but the bulk of my friends are in Seattle and I regularly go in to see them. Have a family and care more about space for money, school districts, etc? Stay on the East Side. Be prepared to play the long game. There are lots of all cash offers. I put in 8 offers on different places before I finally got a place. Don't settle, wait for what you want, and stick to what logic tells you a place is worth. Be prepared to get in bidding wars, but don't let your emotions control it
Check out Loftium. You're welcome.
KPMG 1, rent prices are basically the same as your monthly mortgage payment. I bought in September 2016 and rent is hundreds of dollars more a month than my mortgage and my home has increased 35% in value since then...
Yeah that's why I first recommended talking to an agent who's firm focuses on market trends. They're still predicting an increase this year, but not nearly as drastic as this past year. I also did a lot of numbers based research. I believe it's the guy who developed Khan Academy, but he developed a great buy vs rent sheet that lays out a lot of the important math considerations and tells you based off of numbers, how you should proceed.