House-hunting update: whole lotta nothin'

"Dr. Zoidberg - RIP Oppo" (thetomselleck) 01/30/2018 at 01:44 • Filed to: house hunting

2

30

Samurai Jack gif not related

When it’s past 9pm PST, I feel it’s okay for me to post about my personal life: also known as shitposting.

There is no inventory. None. Prices have risen almost 10% in most areas since the end of summer. Homes that do pop up are far too expensive for what they are because of said low inventory, whether they’re in desirable areas or not.

My broker still sends me links to homes that are outside our area of want, but check all the boxes for the home itself. I know she’s doing her job (and makes money from us spending ours), but we’ve doubled down firmly in wanting only into one of four areas. We’re not gonna pay 350 grand to live in an okay home across the street from the Winco in Silver Lake. My job over the last seven years has made me intimately aware of countless neighborhoods. Coupled with me living in this county for 30 years, I know exactly where I don’t want to live. I was seriously peeved about losing the last home, it happens. But some of the listings sent to us are like, “Are you sure you’re understanding what your clients want?” I’ve known her forever and she’s been great before, but please don’t start throwing shit at the wall and hope something sticks just yet.

The good news in all this that my wife and I are more and more on the same page. We want a decent neighborhood and an easy commute. We work in opposite directions, so moving out of the city of Everett heavily punishes one of, in some cases both us.

We were about to look at this home that already pushed the budget and was in an area I didn’t care for at all, but I thought my wife would like it. And shit maybe I should compromise. But when she found out her commute would be three times longer in addition to the location itself (though the immediate neighborhood was tolerable) her eyes bugged out of her head. “Ew, no.” I did a mental fistpump. She doesn’t want to move for the sake of moving which is a huge relief.

But anyway, if we can’t find a home before the end of spring, we’re just gonna sit tight here, while the market spirals completely out of control. Basically, we’ll be stuck here but at least we won’t make a horrible financial decision.

AestheticsInMotion > Dr. Zoidberg - RIP Oppo 01/30/2018 at 01:57

0

So what’s the reasoning behind wanting to move now? More space? Seems like a bad time to do it, although God only knows if it will improve in the coming years. “property taxes expected to rise 17-22% in the greater Seattle area this year” was not what I wanted to hear on the news tonight.

Dogsatemypants > Dr. Zoidberg - RIP Oppo 01/30/2018 at 02:00

0

If you wait prices should drop in mukilteo once they start running commercial flights out of paine field

Dr. Zoidberg - RIP Oppo > AestheticsInMotion 01/30/2018 at 02:00

0

No, more space is not the reason.

We bought this home back when we were scraping by and tired of renting from slum lords. Our financial situation is vastly different than four years ago and our home has equity, so it’s not a bad time to cash out. Last year might have been better, but hindsight is 20/20 and we had other plans at the time.

AestheticsInMotion > Dr. Zoidberg - RIP Oppo 01/30/2018 at 02:08

2

Fair enough. It’s frustrating putting in the time and work to improve your situation, looking at the current crazy market and realizing that despite doing fairly well you’re still priced out of what you want. Makes me jealous of full-time work-from-home-types with more freedom to look further out.

I can’t solve your real estate woes, but I can brighten up your day. Er.... In a manor of speaking. The company building my taillights built these for a client.

Dr. Zoidberg - RIP Oppo > AestheticsInMotion 01/30/2018 at 02:23

1

Well that it how I feel in my weaker moments. Working my add off, saving money, being responsible, and waking up to find that a decent home in freaking Everett is pushing beyond my means with the passage of time.

pip bip - choose Corrour > Dr. Zoidberg - RIP Oppo 01/30/2018 at 03:09

1

buy an empty block of land and build a home out of shipping containers

pip bip - choose Corrour > Dr. Zoidberg - RIP Oppo 01/30/2018 at 03:11

0

keep what you have and build an extension perhaps?

Eric @ opposite-lock.com > Dr. Zoidberg - RIP Oppo 01/30/2018 at 03:15

1

I hate that I can relate. I wanted to stay in the Kirkland-Redmond-Bellevue region, but the year it took us to save up was long enough for the prices to get far too high for our budget and down payment. We gave up on a lot of places based on monthly costs and some based on the fact they were obviously going for a bidding war. We’d been watching it all closely for nearly a year and I was already burned out before we put in our first offer... What I had seen was terrifying.

Even last summer/fall when we started looking, inventory was crap and our realtor (really nice lady and very helpful) constantly broke one or more rules we had given to give us any options, none of which excited me.

Ultimately, we broke a number of my rules and ended up where we are for over $100k more than we originally planned to spend, over $50k more than my cutoff, too far from work, too close to the in-laws (I like them, but boundaries), and in a size/type of home neither of us wanted. The market has cooled since and if we were searching now we’d have crappy new construction options that would have cost less with the same functionality.

The fact you have options that are in the $350k range is a bit mind blowing, considering the only people I know under 40 that bought something under $350k had to go all the way to Monroe to find it two years ago ($317k, now estimated at $370k). The next-cheapest detached home purchased by someone under 40 in our circles was deep in Auburn for $375k. Today I also learned that one of the PTs at the gym we go to in Redmond lives over twice as far from there as we do, which also blows my mind.

You might have to get creative. Can either of you move your jobs or change jobs?

Eric @ opposite-lock.com > Dr. Zoidberg - RIP Oppo 01/30/2018 at 03:18

0

Every year even the low end seems to go up yet another $100k, it’s true...

You’re probably now competing with people that work in downtown that are forced further and further out to find affordable housing. When houses in Everett are getting too expensive for a dual-income couple to afford, something is seriously wrong...

Tapas > Dr. Zoidberg - RIP Oppo 01/30/2018 at 05:28

0

Have you considered squatting in a rich person’s second home till you can legally annex it?

Alternatively, you can go to the tax office and find people who haven’t paid their property tax for 7 years.

If you pay it, they’ll give you the deed of the house.

http://statelaws.findlaw.com/washington-law/washington-adverse-possession-laws.html

BrianGriffin thinks “reliable” is just a state of mind > Dr. Zoidberg - RIP Oppo 01/30/2018 at 05:53

0

Two years. Almost everyone I know or have read in the financial markets is expecting a correction in housing in approximately 48 months. You may end up losing some equity in your current home, but if it’s a “cheaper” alternative, it may still sell quickly when the dip occurs.

random001 > BrianGriffin thinks “reliable” is just a state of mind 01/30/2018 at 06:56

0

24 or 48 months?

merged-5876237249235911857-hrw8uc > Dr. Zoidberg - RIP Oppo 01/30/2018 at 07:26

0

The good thing is the inventory should be increasing soon, as spring starts. At least that’s how it is here in the rust belt. May not be as extreme in the more temperate areas, but I would imagine it still a bit seasonal based on the school calendars as well.

Sounds like you guys are in the same spot my wife and I are. You’ve limited your search area to only a few spots, but since you’ve been at it long enough, that’s only natural. Our agent just has a search that runs for us and there are some of these homes that hit our list that are way out in left field. It’s almost comical how much they don’t fit into our parameters, but I’d rather see a possible listing and be able to trash it, rather than miss one.

We’ve been looking for over 5 years. Started before our first son was born and now that we are expecting number 4, we are getting a bit more antsy. I feel your pain or missing one you really want. Definitely not a fun experience. We’ve put in a half dozen offers over the years, but we set our upper limit and won’t exceed it. I know it’s frustrated our agent at times, but we do a pretty good job of valuing the homes and we won’t overpay for something that still needs a bunch of work. Not to get all religious on you, but we say we are leaving room for the Lord to work. We figure if we are really meant to have a home and make the move, it will all work out. Up till this past thanksgiving, when we found out number 4 is on the way, we’ve not really needed to move, but we wanted more space. So we were both always a bit torn of making no a move was a good idea or not. And looking back, the ones we’ve missed out on, we don’t really feel bad about them. But now we are figuring it’s time to get a few more bedrooms and a bit more space. But at the end of the day, a lot of folks do more with less, so I’m still not going to rush. But I also don’t want to have 3 boys in one room.... so there’s always that motivation.

Good luck to you in your search. Sounds like you guys are in a decent spot where you don’t have move, so now you just need to keep from becoming desperate and jumping on the wrong home, or overpaying for the right one. It will work out.

TheRealBicycleBuck > Dr. Zoidberg - RIP Oppo 01/30/2018 at 08:22

1

If the market is strong, your area is on the way up, and you are ok with where you live, a remodel of your current home might be the answer. We are weighing the options. We’ll have a cash infusion when my mom’s place sells and we can either move or upgrade the current home. All of our activities are in Baton Rouge now, so we are thinking of moving closer into town. We’d like a bit more space and a little less commute.

The market in our area was screwed up by the floods in 2016. Now homes are either flood victims and dirt cheap or priced 50% higher than they should be. We are now thinking about buying a lot and building a new home. My wife is qualified to be a general contractor (architecture background, 20+ years building commercial and government buildings), so we could save ourselves some money by having her do the work.

Quadradeuce > BrianGriffin thinks “reliable” is just a state of mind 01/30/2018 at 08:41

1

This. All of the contractors in my area are building new houses as fast as they can. They won’t even look at remodel work at the moment. Once that building catches up to demand, as it did before the last crash, prices will drop.

Dr. Zoidberg - RIP Oppo > Eric @ opposite-lock.com 01/30/2018 at 09:02

1

350k was just an example of a home that I had no interest in buying, it’s not our cap.

Changing jobs is not really on the table. She loves hers, and I’m satisfied with what I make.

fintail > Dr. Zoidberg - RIP Oppo 01/30/2018 at 09:15

0

There will be more inventory in 3 months. Prices will have risen another 5%+ by then though, maybe more if dirty offshore money keeps flowing in, maybe now due to the weakened dollar thanks to stable genius and his babble.

I like the idea to just stay in the current place, fix it up as you wish, and be happy you were able to buy something. Many aren’t so lucky. I’ve resigned myself to the idea that I will never be able to afford a detached house within what I consider a reasonable commute, especially if I want to keep mortgage to income at no more than a 3.5:1 ratio. It’ll be a ticky tack box condo for me as long as my workplace is here. I have a co-worker in the hunt now, blessed with six figures of in-law aid, and he is still getting outbid on old houses in marginal neighborhoods in Seattle. I know very few people who bought in the past 10 years who didn’t have mommy and daddy helping them. To have done without is a badge of honor.

I hear Spokane real estate might be undervalued. Long commute but a straight shot :)

someassemblyrequired > Dr. Zoidberg - RIP Oppo 01/30/2018 at 09:24

0

I lived in Seattle for 9 years on and off, and I have already seen the market @!#$ the bed twice. Chill out, make your current place work, enjoy life and wait for the bottom to drop out. Because it will - this time is no different.

Dr. Zoidberg - RIP Oppo > fintail 01/30/2018 at 09:32

1

My wife and I take a lot of pride in the fact that everything we’ve done, we’ve done with no one else’s help or have been fronted money from a wealthy relative.

One of my good friends... I found out some years back that his first was actually given to him by his parents. He had played it off like he bought it for the longest time. 

fintail > Dr. Zoidberg - RIP Oppo 01/30/2018 at 09:41

1

In my opinion, that’s seriously something to be proud of. I suspect one is not in the majority around here if they are able claim they actually did it themselves. Many of the transplants here are from affluent backgrounds and had a little family help, and where I am on the east side, many of the natives, too. It’s not the days of the luckyboomers when normal working people could buy detached property here.

Most who receive parental aid are still smart good hardworking people, but that leg up helps a lot, and many probably couldn’t do it without - the rate of inflation simply outpaces the ability to save.

nermal > Dr. Zoidberg - RIP Oppo 01/30/2018 at 09:46

0

Have you considered buying property and building new?

lone_liberal > fintail 01/30/2018 at 10:48

0

Take it from someone in Spokane who is starting the search, it’s only undervalued by Seattle standards. The prices here have gone up by quite a bit in the last year and a half. That said, you can still get a decent 3 car garage for $350k.

gettingoldercarguy > Dr. Zoidberg - RIP Oppo 01/30/2018 at 11:05

0

Is the land ok? Teart down and rebuild?

Dr. Zoidberg - RIP Oppo > gettingoldercarguy 01/30/2018 at 11:20

0

Not too interested in throwing down that kind of money where we are now. Land is fine but not valuable enough to justify that.

fintail > lone_liberal 01/30/2018 at 11:32

1

350K, I can’t imagine anything detached here that isn’t a little old house on the commute border between soul-crushing and nightmare (anything past 30 minutes free and clear is all I’d do, as it becomes 120 minutes in no time), or isn’t a moldy teardown in a demilitarized zone.

Spokane has some lovely old housing stock, too bad it doesn’t have as many Puget Sound area wages to pay the endless mortgage.

lone_liberal > fintail 01/30/2018 at 11:40

0

We’re trying to avoid the older homes since we’ve remodeled one house and don’t want to do it again, but this is an example of what we’re looking at and it’s currently listed for $335k. That would put my commute to downtown at about 25 minutes.

Eric @ opposite-lock.com > BrianGriffin thinks “reliable” is just a state of mind 01/30/2018 at 11:56

0

I don’t see it happening here unless we have a coinciding crushing recession and/or somehow stop the hot money flow either federally or at the state level. Canada is lucky in that they can seemingly do strange things like impose the foreign buyer tax on a region that is considered a metro area, while I can’t see how they would do that here (maybe county level?). That combined with the tech economy bringing so many people that may have even started out with a lot (like they owned/inherited in SF and sold to move here to make the same money but with a better house/commute).

gettingoldercarguy > Dr. Zoidberg - RIP Oppo 01/30/2018 at 12:55

0

Yeah, if the land isn’t that desirable then that’s a silly idea. My wife and I thought we may have to move up into the Seattle area about six months ago and figured we’d have to spend a decent seven figures to have the same house and schools we have in Olympia. The increase in property value are just silly in a lot of places.

fintail > lone_liberal 01/30/2018 at 16:04

0

North of the city?

I like the lovely old tree-lined streets and brick or tudor houses on south hill, but I know there can be a lot of risk in an old place, and I would want something preserved rather than updated. I also like the prices, which run about 25% of Seattle equivalents.

My budget would be no more than 300K, and preferably as much under that as possible, if I want to drive a car and eat and take a holiday now and then or maybe save a little or buy new clothes. A quick listings browse has a number decent enough looking places with a 2 car garage in the 200K range. I can’t imagine.

Dr. Zoidberg - RIP Oppo > nermal 01/30/2018 at 17:02

0

No property where I want it, and certainly none that is affordable. A little 7k square foot lot in Everett sold for over 200k...