Yesterday it was Seattle that had the highest increase in their Case-Shiller Index, rising 12.2% Y-o-Y. You know that frenzy fever is high when the quotes barely make sense:
Andrea Conway’s home selling story has become the norm for Seattleites. She bought her Ballard home for a little under $500,000 around Easter 2014 and just sold it for more than $750,000
From the time they listed to the time they sold, the Conways, who are moving to California, had multiple offers and closed within a week. Realtors say that is very common right now for Seattle sellers. The buyers paid in all cash.
“Sellers are putting houses on the market, and it’s just normal for things to sell above list price and in some cases well above list price,” John L. Scott Realtor Carl Shaw said. “In a lot of cases, you’re seeing anywhere from four-to-eight, up to 15 or 20 offers on houses.”
The Conways say they may move back to Seattle in a few years, but right now they have decided to leave the city.
“We love it. We love the Seattle vibe, but the real estate market is so hot right now that we’re not comfortable, and we really can’t afford to put our money in this market right now,” Conway said.
She has this advice for buyers.
“Be prepared to spend considerably more than the asking price, especially if it’s in one of the hot neighborhoods like Ballard, or Fremont, or Wallingford, or West Seattle,” Conway said.
Shaw told us that buyers should be prepared to have as much cash ready as possible or have complete loan approvals.
Shaw has been doing this for 28 years and says the only other time when he saw this hot of a job and housing market was in 2006.
“In that market (2006) we had a ton of inventory, we had builders with a ton of inventory, and the difference now is that we have really strong job growth and next to no inventory,” Shaw added.
Next to no inventory is a tough reality for buyers, but for the Conways it is a blessing.
“We’re thankful, and we’ll see what the next adventure holds for us,” Conway said with a smile.
Vancouver just put in a 15% foreign buyers tax to scare away Chinese money.
Looks like some of it is finding its way to Seattle.
Vancouver BC passed the foreign buyer tax (15% I think), so all the Chinese money is moving just a little south. Billions. Get ready Seattle.
The Chinese government has initiated new hurdles for money trying to leave their country, but they can’t stop it completely.
I saw the listing agent for the subdivision I live in a few months ago. There has been an influx of buyers and very low inventory here in Boise. We certainly don’t have the 12% growth like Seattle but it’s a very hot market because of not many homes being on the market and we’ve turned up on several “best places to live”lists.
So I asked him: Where are the buyers coming from? I was confident he would say “California”. Nope! He said the Seattle area…
The mortgage interest and the property tax deductions are on the chopping board in Pres. Trump’s tax plan. It could shake up the RE market if passed(or not).
Ha! And they’re moving to California!?
Depending on where they’re moving to in CA, that $750k won’t get them much house here.
Vancouver`s foreign buyers tax did not scare away the Chinese, they simply started to invest in commercial real estate instead.
I think I may have already said this, but too many boomers have their heads stuck in their eternal secret safe place–the nineties–when they try to make sense of things. It often keeps them from making their best decisions, but they won’t admit it to themselves.
They just keep doing the same thing, thinking the same thoughts, like those zombies in that movie where they burst from their graves, doggedly staggering to the shopping mall, to walk in circles.
Instead Of shopping malls, our boomer zombies stumble around in cul de sacs, growling to themselves that the real estate bubble is about to burst. Over and over again. Millineals hide in the bushes whispering, “why are they here? What are they doing? How long are they staying? What is their point? When will this end, God?”
https://m.youtube.com/watch?v=7zK_44APmbY
Newsman is wearing a parka in April, and people want to move to Seattle for 3/4 million dollars…makes no sense
“Newsman is wearing a parka in April, and people want to move to Seattle for 3/4 million dollars…makes no sense”
I think I may have already said this, but too many boomers have their heads stuck in their eternal secret safe place–the nineties…