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Yo_Mama_Been_Loggin

(107,085 posts)
Wed Mar 7, 2018, 09:47 PM Mar 2018

No relief for Seattle-area buyers as house prices jump as much as 18 percent

Seattle's housing market is so hot that some buyers are submitting offers telling sellers to fill in the price.

Meanwhile, on Mercer Island and other select areas of the Eastside, median sales prices in February topped $1 million.

The data come from a new Northwest Multiple Listing Service report and dashes the hopes of people seeking to join the ranks of homeowners in the metro area. It's a tough aspiration, according to another new report from Zillow, that shows Seattle is among the most difficult markets for first-time buyers.

Compared to a year ago, there are 14.4 percent fewer homes on the market in the four-county area, the NWMLS reported. Less inventory means higher prices, with the median sales price for houses climbing 17.6 percent to $485,000 in Snohomish County. Prices jumped 15 percent in King County to $649,950, while prices in Kitsap and Pierce counties increased by similar rates to $329,100 and $325,000 respectively.

Condo price hikes are even greater: 28 percent to $345,000 in Snohomish County and 22 percent to $415,000 in King. Pierce saw an increase of just 5.3 percent to $220,000. There were so few sales in Kitsap in February 2017 that the percentage change is irrelevant, though for what it's worth the median sales price last month was $234,900.

Slightly rising interest rates and the new tax law that limits mortgage interest deductions were expected to temper the market. If anything, the market is even more competitive, said Gary O'Leyar, owner of Berkshire Hathaway in Seattle. He added some buyers are making offers with no contingencies and offers telling the seller to fill in the sales price.

https://www.bizjournals.com/seattle/news/2018/03/07/seattle-area-buyers-house-prices-real-estate.html?ana=e_du_prem&s=article_du&ed=2018-03-07&u=ColXVN5SPzQtLHFP87ho2w07857290&t=1520472903&j=80381831

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No relief for Seattle-area buyers as house prices jump as much as 18 percent (Original Post) Yo_Mama_Been_Loggin Mar 2018 OP
Real Estate bubble that will eventually bust. democratisphere Mar 2018 #1
Sooner rather than later, too. dixiegrrrrl Mar 2018 #2
I am amazed history from a decade ago is about to repeat itself democratisphere Mar 2018 #3
The problem from a Senior's point of view HeiressofBickworth Mar 2018 #4
There's a severe lack of inventory GP6971 Mar 2018 #5

dixiegrrrrl

(60,010 posts)
2. Sooner rather than later, too.
Wed Mar 7, 2018, 10:41 PM
Mar 2018

I could use a bit of real estate madness down here. Houses are very very affordable here, but not a lot of buyers in our out of the way demographic.

democratisphere

(17,235 posts)
3. I am amazed history from a decade ago is about to repeat itself
Wed Mar 7, 2018, 10:47 PM
Mar 2018

and there are plenty of people jumping on board. Will we ever learn? NO.

HeiressofBickworth

(2,682 posts)
4. The problem from a Senior's point of view
Thu Mar 8, 2018, 01:25 AM
Mar 2018

Real Estate taxes are based on assessed value (relating to market value somewhat). The higher the prices go, the higher the RE taxes go. Now for those of us who are on Social Security, our checks don't increase but a few dollars every couple of years while the RE taxes go up by hundreds every year. There gets to be a point where food and taxes are mutually exclusive. Can't do both. The taxes force seniors out of their homes and into whatever they can buy with the proceeds of the sale -- and the excessive taxes on the new property. Or they become renters and their capital is eaten away by rent payments until the capital runs out.

If I were a conspiracy theorist, I would say it is part of the war on the elderly -- deprive them of social security payments, medicare, medicaid, and load them up with excessive payments, pushing them into bankruptcy, homelessness, poor health and ultimately, death, which is what I truly believe they wish upon us seniors. There was a statement attributed to a prior governor of Colorado in the 70's that said the old and disabled have a duty to die and get out of the way. I guess we haven't done it fast enough so they are going to help us out.

GP6971

(31,016 posts)
5. There's a severe lack of inventory
Sat Mar 10, 2018, 02:22 PM
Mar 2018

here in southern Pierce County. Houses go on the market and they're snapped right up. I can't believe the prices I'm seeing.

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