A bird in hand is worth two in the bush.

"Dr. Zoidberg - RIP Oppo" (thetomselleck)
08/04/2019 at 13:36 • Filed to: Houses

Brief “ouch” story here. I’ve been to this house a couple of times. My friend actually knows the agent who was listing another home nearby. According to the agent, the seller of the above home turned down a $675k offer back in June because they wanted to hold out for more.

Well, that turned out to be a bad idea.

With that decision, they’re likely out $100k, plus the costs of ownership of having the house 3 months longer than the planned, plus opportunity cost, plus time.

To be even more cynical, the house is not impressive and needs a fair amount of work (who would know better than me? *cries*). If they get even $550, I’d be very surprised.

TLDR: maybe accepting 4% under dropping asking price isn’t so bad when you consider the consequences in a market that clearly shows that the gravy train of 2018 has long since passed.

DISCUSSION (18)

fintail > Dr. Zoidberg - RIP Oppo
08/04/2019 at 13:43

Either Everett has cooled off, or they only moved the headstones.

I’ll shed no tears if the entire Puget Sound market shits the bed.

Highlander-Datsuns are Forever > Dr. Zoidberg - RIP Oppo
08/04/2019 at 13:44

I am so very glad I got my current home in early 2013, before the insanity started again.

Akio Ohtori - RIP Oppo > Dr. Zoidberg - RIP Oppo
08/04/2019 at 13:45

Kinja'd!!!

HFV has no HFV. But somehow has 2 motorcycles > Dr. Zoidberg - RIP Oppo
08/04/2019 at 13:45

Sooo you’re saying housing prices are going down. Yay!

Dr. Zoidberg - RIP Oppo > fintail
08/04/2019 at 13:51

Yes and no: Junk is no longer selling but the good stuff is.

House two doors from me sold in four days for asking price. Another one on 10th and Grand sold in one day. But those were excellent and desirable homes.

But the two homes on 10th and Rucker have been sitting for months because the price point does not match reality. And the one on 14th and Grand is one of the worst homes I’ve stepped in.

CarsofFortLangley - Oppo Forever > Dr. Zoidberg - RIP Oppo
08/04/2019 at 13:51

Loool. Yikes

fintail > Dr. Zoidberg - RIP Oppo
08/04/2019 at 13:53

So much of it is junk tho.

I suppose the eastside also won’t be impacted, with the techdorks and dirty offshore capital still flying in like there’s no tomorrow.

I am amused at how hot the better parts of Kent and Renton continue to be - I have friends and family with property there, and it is depressing how little half a million will buy you in an area that many days will have a commuting time to drive one to drinking (or worse). These were once ignored or less desirable areas, now new construction starts in the 700s.

$kaycog > Dr. Zoidberg - RIP Oppo
08/04/2019 at 14:01

Actually, a bird in hand will crap on your wrist.

BrianGriffin thinks “reliable” is just a state of mind > Dr. Zoidberg - RIP Oppo
08/04/2019 at 14:01

I’d expect the bump down in interest rates to help. I bought my place in early December and was happy to get 5%; bank would probably give me 3.8% now. Hopefully it’ll keep the housing market afloat for a little longer or at least be a more slow decline than in 2008.

That being said, stuff was selling around me in December, too...but now, nothing is moving.

AestheticsInMotion > Highlander-Datsuns are Forever
08/04/2019 at 14:04

You and me both

DipodomysDeserti > Dr. Zoidberg - RIP Oppo
08/04/2019 at 14:06

My neighbor just sold their house for $349k. I bought my house in ‘09 for $142k. I live in a working class neighborhood composed of generic brick homes built in the ‘50s. The gravy train is still rolling along nicely here. I think about selling, but I’d have to dig all my pets up and take them with me, Viking style.

subexpression > Dr. Zoidberg - RIP Oppo
08/04/2019 at 15:09

I did my periodic due diligence on random house prices in my area to see if it’s worth it to me to get out of an apartment (hatred of house maintenance and yard work vs investment). I still feel like prices in my midwestern suburb are way inflated, though of course it’s cheaper than the Puget Sound area would be. That said, I don’t have a solid understanding of what normal looks like, I just think these are kind of absurd.

Some are about the size of an apartment with no garage, sometimes not even off-street parking, and asking $250k. They’re only a few minutes away from places where drifters camp - not long ago one of those guys got caught trying to get a 4-year-old kid to come out to the yard. Also only a few minutes away from areas in the city proper where I might not be safe walking , which I think have gotten steadily worse over the past 10 or so years. And that’s on top of realizing that I’m in a place where I stand out just by not being a total asshole to my regular bartenders .

Dakotahound > Dr. Zoidberg - RIP Oppo
08/04/2019 at 15:12

Wow. Puget Sound housing prices have skyrocketed since we lived there in the 1990s and early 2000s. We lived on Whidbey Island, in a modest 850 sq. ft. home that was purchased for $65,000 . We needed more room for storage (kayaks, bicycles, etc.) , so I built an unheated 2-story shed with no electricity (the layout of the property would not accommodate everything on one floor) . The shed had 360 sq.ft. of enclosed storage and 144 sq.ft of covered, open air sto rage.

I just looked up the property on Zillow. It is not currently for sale, but the Zestimate is $317,961, and the storage shed is advertised as a “separate guest cabin.” I looked at it on Google, and it looks the same as when we moved out.

With inflation, that $65,000 should only be about $95,000 today.

Tristan > Dr. Zoidberg - RIP Oppo
08/04/2019 at 16:08

I’m convinced April/May/June is the hot selling season, with prices dropping towards the end of summer and beginning of fall, with a long plateau through the winter and spring. Passing on a mid selling season offer isn't wise.

fintail > Dakotahound
08/04/2019 at 16:15

My great grandma had a 1920s bungalow near Green Lake. When she went into assisted living in 1999 at the age of 99, the family decided to sell the house - I was still a student, my siblings/cousins were younger, and the money would be nice, so it didn’t stay in the family . It brought under 300K, and we were happy to get it. Zestimate is more than triple that selling price. Look at wages and cost of living since...oof.

ranwhenparked > Dr. Zoidberg - RIP Oppo
08/04/2019 at 16:59

It is an attractive house, but around me, you’d be lucky to get maybe 250k for it on a good day.

gmporschenut also a fan of hondas > BrianGriffin thinks “reliable” is just a state of mind
08/04/2019 at 21:11

i think the market is cooling off by how many places are listed for rent, vs a couple years ag when you couldn’t throw a stone wi th out hitting a for sale sign.

Snuze: Needs another Swede > Dr. Zoidberg - RIP Oppo
08/04/2019 at 22:39

Our house (Great Falls, VA) went on the market in December of 2016. After we closed the seller’s realtor confided in me that he got an offer for $5k under asking 2 days after it was listed. He turned it down and it sat until we got it for $35k less than asking in October of the following year.

In this case the seller was sitting on several properties he inherited and wasn’t in a huge hurry to sell, but still, he could have gotten 99% of his asking price and instead took like 93%.