There’s just no way you’re not seeing activity from buyers who locked in their rates from Jan when there was a window of 5.5%. Prices WILL (not can) get better. The fed was most recently hawkish yesterday and will continue to raise rates - and with more inventory in the summer, there’s no way prices don’t continue to go down this year. And rates will likely remain elevated for the year. The pivot and sentiment won’t likely taper towards a positive direction until LATE 23 or EARLY 24. And late 23 would be during the winter months, and already slower time in the market… if Inflation doesn’t come down or remains sticky - this is bad news for EVERYONE- and right now, it seems to be going in that direction. I’d say the time to buy is fall/winter 2023 in Seattle. I’ve been following you for years and I appreciate your consistency but videos like these… bad takes all around.
Time will tell. We know that prices are down right now, and considerably. I wish I had a crystal ball. Fall 2023 may be a good window to buy depending on how much inventory we see this spring. Normal spring/summer inventory would certainly put more downward pressure on home prices if buyer activity doesn't match it. I wouldn't be surprised if we continue seeing 20-30% fewer listings than normal during the spring and summer of 2023, though. This would keep us in a lower inventory environment which limits downward pressure on prices. Usually, a lower inventory environment puts upward pressure on prices as we are starting to see right now.
I think this is a blip, an anomaly. Prices had taken a nosedive for multiple months. I think there is a false impression of the housing market and the economy. When the economic reality realigns, we will see the market take another nose dive. There's no way the market can stay long term where it is. I make almost twice my salary now compared to what I was making in 2007 and today I would not be able to afford to buy the condo I own, purchased in 2007. There are a lot of people in the same situation, living in homes they bought 10, 15+ years ago that they would not be able to afford to buy today. This market is unaffordable and one way or the other it will crash and bring housing prices down to where they should be. In past decades I would be upgrading to a bigger, nicer home at this point earning twice my salary. However, given that I wouldn’t even be able to afford my current home today despite earning twice my previous salary, there’s absolutely no way I can afford to upgrade to a larger and nicer home.
Thanks for sharing your story. Glad you bought your condo when you did. Time will tell on home prices I guess. There are other markets in the US and around the world where homes are way less affordable than in Seattle. There is a lot more room for values to go up, although that makes homeownership less attainable for many.
No this is not good. We want prices to crash as buyers. This market is hot asf and overpriced still. Continued buying at these current levels is still ridiculous and not helping inflation.
@@McDonaldResidential first time home buyer too! I can't believe I have to fork over nearly $500k just to get a 1bed 1bath condo with $400 HOA. Like what?! How in the world could I start a family at these prices. Insane.
There’s just no way you’re not seeing activity from buyers who locked in their rates from Jan when there was a window of 5.5%. Prices WILL (not can) get better. The fed was most recently hawkish yesterday and will continue to raise rates - and with more inventory in the summer, there’s no way prices don’t continue to go down this year. And rates will likely remain elevated for the year. The pivot and sentiment won’t likely taper towards a positive direction until LATE 23 or EARLY 24. And late 23 would be during the winter months, and already slower time in the market… if Inflation doesn’t come down or remains sticky - this is bad news for EVERYONE- and right now, it seems to be going in that direction. I’d say the time to buy is fall/winter 2023 in Seattle. I’ve been following you for years and I appreciate your consistency but videos like these… bad takes all around.
Time will tell. We know that prices are down right now, and considerably. I wish I had a crystal ball. Fall 2023 may be a good window to buy depending on how much inventory we see this spring. Normal spring/summer inventory would certainly put more downward pressure on home prices if buyer activity doesn't match it. I wouldn't be surprised if we continue seeing 20-30% fewer listings than normal during the spring and summer of 2023, though. This would keep us in a lower inventory environment which limits downward pressure on prices. Usually, a lower inventory environment puts upward pressure on prices as we are starting to see right now.
I think this is a blip, an anomaly. Prices had taken a nosedive for multiple months. I think there is a false impression of the housing market and the economy. When the economic reality realigns, we will see the market take another nose dive. There's no way the market can stay long term where it is. I make almost twice my salary now compared to what I was making in 2007 and today I would not be able to afford to buy the condo I own, purchased in 2007. There are a lot of people in the same situation, living in homes they bought 10, 15+ years ago that they would not be able to afford to buy today. This market is unaffordable and one way or the other it will crash and bring housing prices down to where they should be. In past decades I would be upgrading to a bigger, nicer home at this point earning twice my salary. However, given that I wouldn’t even be able to afford my current home today despite earning twice my previous salary, there’s absolutely no way I can afford to upgrade to a larger and nicer home.
Thanks for sharing your story. Glad you bought your condo when you did. Time will tell on home prices I guess. There are other markets in the US and around the world where homes are way less affordable than in Seattle. There is a lot more room for values to go up, although that makes homeownership less attainable for many.
No this is not good. We want prices to crash as buyers. This market is hot asf and overpriced still. Continued buying at these current levels is still ridiculous and not helping inflation.
I see where you are coming from as a prospective buyer
@@McDonaldResidential first time home buyer too! I can't believe I have to fork over nearly $500k just to get a 1bed 1bath condo with $400 HOA. Like what?! How in the world could I start a family at these prices. Insane.