All, we are renting and looking to possibly buy before end of October as this is when lease runs out ( would have to rent another year if we don't pull the trigger). That being said the used houses are pretty ridiculously priced in the outer suburbs of Seattle (nowhere near the city, 1 hour away from SeaTac) and I can't help but think the bottom is near given the Covid-19 state of affairs and the looming eviction/forbearance cliff. Would like to see what everyone else is thinking as I feel the minute we buy - here comes the drop. Thoughts would be much appreciated.
Thoughts on housing prices in the next 5 months in Washington state
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skipro33
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I think CV-19 has proven that working at home, dispersed from a main office is going to be a viable option after the virus has run it's course. This already is driving UP prices here in California where many in the bay area are moving to the central valley for the cheaper home costs. I can't speak for Seattle, but if the primary driving industry of the urban areas allow for working from home, expect that to be the new model for businesses going forward.
In other words, like most investments, don't get caught waiting to time the market. Chances are real estate will remain for the long term, a viable investment.
Interest rates won't remain this low for much longer either in my opinion.
Check and compare the housing market you are considering and see if you can determine how many homes have sold compared to how many are on the market. Demand drives prices. My local county has had roughly 500 homes a month sell in a market that has only roughly 800 listed. That is a seller's market in anybody's book.
In other words, like most investments, don't get caught waiting to time the market. Chances are real estate will remain for the long term, a viable investment.
Interest rates won't remain this low for much longer either in my opinion.
Check and compare the housing market you are considering and see if you can determine how many homes have sold compared to how many are on the market. Demand drives prices. My local county has had roughly 500 homes a month sell in a market that has only roughly 800 listed. That is a seller's market in anybody's book.
Sunset
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Koolau
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is that ridiculously high priced or low priced
Yeah, I was wondering the same thing. Seriously.
Closet_Gamer
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Prior to Covid people were talking about the end of the suburbs and that all the millennials wanted to live in the in cities forever participating in the gig & shared asset economy.
In covid, people are re-visiting that decision due to density and the sudden reality of remote work.
I think this will ultimately drive a moderation.
Yes, more people will move to the suburbs.
No, remote work will never go back to the levels it was pre-covid.
No, remote work will not stay at its covid-levels. I'm back in the office and productivity in kind of work has gone way up. I believe the emotional damage of isolation will also push people back into the office.
Ultimately, I think it more or less balance out to life before people thought every millennial wanted nothing to do with cars & big yard.
In covid, people are re-visiting that decision due to density and the sudden reality of remote work.
I think this will ultimately drive a moderation.
Yes, more people will move to the suburbs.
No, remote work will never go back to the levels it was pre-covid.
No, remote work will not stay at its covid-levels. I'm back in the office and productivity in kind of work has gone way up. I believe the emotional damage of isolation will also push people back into the office.
Ultimately, I think it more or less balance out to life before people thought every millennial wanted nothing to do with cars & big yard.
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Whether it's a minor shift to more WFH or returns to the suburbs, even a small percent of covid-carry over effect is enough to keep home prices high.
And more than that, I think a lot of people I realizing their home needs to be their almost-everything. If not for covid, for the next thing. It's your restaurant, movie theatre, hotel - all the things a good number of people plan to avoid/reduce for the longer term. So if they aren't happy where they are, they are looking to upgrade or move.
So, don't try to time it, if I were a gambler I'd think SFH RE might even see continued growth for a while here.
And more than that, I think a lot of people I realizing their home needs to be their almost-everything. If not for covid, for the next thing. It's your restaurant, movie theatre, hotel - all the things a good number of people plan to avoid/reduce for the longer term. So if they aren't happy where they are, they are looking to upgrade or move.
So, don't try to time it, if I were a gambler I'd think SFH RE might even see continued growth for a while here.
