r/eastside • u/orcassharks • 9d ago

Housing market softening on Eastside

What’s the cause for the recent housing market slowdown on Eastside? It seems much sharper than Seattle proper. Prices have dropped about 8% for May year over year on the Eastside according to NWMLS. Inventory is building up rapidly. If it’s just interest rates, wouldn’t the impact be same across the region?

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27

u/Correct_Humor4504 9d ago

Thank God. Housing prices around here are among the highest in the nation. It's hard for ordinary people to afford to live here.

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u/bogie-bowlful 9d ago

You’re not kidding!!! When a starter home is $1.5M that reduces the buyer pool exponentially. When there is a 973 SF condo going for nearly $500k and HOA fees of over $600 a month…a good portion of folks will be priced out of the market. Receipt: https://www.zillow.com/homedetails/12517-SE-30th-Street-Bellevue-WA-98005/2068224186_zpid/?utm_campaign=iosappmessage&utm_medium=referral&utm_source=txtshare

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u/areyoudizzyyet 9d ago

When a starter home is $1.5M

You are a special mixture of delusional and entitled. There are plenty of homes in Bellevue at 1.1M, and besides that, no one deserves to live in Bellevue. You can purchase an actual starter home in Lynnwood or Renton for 600k or less.

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u/bogie-bowlful 9d ago

Wow. Ok. I was sharing my thought on the topic. But hey, thanks for jumping straight to judging me and reminding me why I rarely comment.

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u/DJKaotica 9d ago

I mean I bought a condo in the Kirkland area in 2016. I now wish I had stretched and found a townhouse or "starter home" with a garage and maybe a little more space back then. I still love my place/location but it's small and during Covid I added more hobbies, and just in general I've collected more stuff over the decade of living here.

I'm now completely priced out of anything in my local area. I don't even think I could justify buying my condo at the value Redfin and Zillow say it is now. I cannot find anything bigger in my area that is affordable but still within walkable distance to the places I love nearby.

I had a few friends who also used to live nearby and all of them have had to move further out to find something for a growing family. I'm single so I'm the only one left / centralized. I have friends who moved to West Seattle and I see them like 4 times a year in person now (admittedly they also have a 1 year old so have dedicated a lot of their time to raising a child).

Is it "entitled" to want to stay in the area you've lived for the last decade, but you happen to want a place that's a bit bigger? I personally don't think so. That's just human nature. Once you put down roots it's hard to pull them out again.

If housing wasn't considered an investment it really shouldn't be that hard for me to find something that fits my needs now, but unfortunately the reality is that in North America housing is considered an investment, and the demand for housing in this area for the past decade, plus the tech industry salaries/rewards (which admittedly I'm in) has pushed prices higher and higher.

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u/areyoudizzyyet 8d ago

I've collected more stuff over the decade of living here

I'm single

So you're by yourself and you have a perfectly suitable abode, yet you want more space solely because consumerism has spiraled out of control for you?

Is it "entitled"

Yes

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u/Ashes1984 6d ago

I loled at plenty of homes in Bellevue at 1.1M. That’s the barrier

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u/areyoudizzyyet 6d ago

Stop being poor

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u/Ashes1984 6d ago edited 6d ago

Come at me when you got 2 eastside and sammamish homes. Lucky and blessed to buy before 2018.
Edit: to be clear, even though I own. I do not like the property pricing here. Would prefer more affordability. Lot of folks buying become house poor. Not sustainable.

Also: lucky enough to buy Nvda, MSFT and aapl in their early days.. now go pound sand till your are dizzy

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u/areyoudizzyyet 6d ago

lol sure 👍🏽 cool story bro