Living in King county has become so expensive that buying real-estate has become impossible even for those of us working in the tech industry.
@ReventureConsulting
3 жыл бұрын
And that's when you know something isn't quite right!
@newnauk
3 жыл бұрын
One house my girlfriend and I recently saw in Bellevue was sold at $400k above the listing price, talk about insanity.
@Ethiopianlion
2 жыл бұрын
I bout my new house in September 2021 and it up 300k now it’s crazy out here
@mattl7647
2 жыл бұрын
Can we get an update on the Seattle market?
@shivam.maharshi
2 жыл бұрын
I live in Seattle and this is the most fact based and unbiased video on housing that I've seen in last two years. Most local property managers making similar videos are always biased due to vested interests.
@carminjean5042
2 жыл бұрын
Living in covington wa. King county. Expensive
@sadams6663
3 жыл бұрын
Excellent video. Thank you!
@ReventureConsulting
3 жыл бұрын
Thank you!
@adobejuan2160
3 жыл бұрын
Wow! Very informative. Thank you!
@ReventureConsulting
3 жыл бұрын
Thank you Juan!
@shishirvasanth8509
2 жыл бұрын
Microsoft is not headquartered in bellevue, it is headquarted in redmond.
@grantmcbride2238
3 жыл бұрын
And here we are in September with an average Home Price of $800k in Seattle.
@Rogershijianhui
3 жыл бұрын
Great video again! Thank you for all the valuable information!
@ReventureConsulting
3 жыл бұрын
Thank you for watching Jianhui!
@swigchow
2 жыл бұрын
If King County is "not reasonably liberal," are there places that are not reasonably conservative which are good for real estate?
@joshephand5538
3 жыл бұрын
I live in Seattle, Fortunately I bought my house in 2012 when the housing prices was lowest, there were many for sale signs, The bank’s own homes was willing to discount up to 20 thousands if offered
@ReventureConsulting
3 жыл бұрын
Thanks for the comment! Sounds like there were a lot of great buying opportunities back then. A once in a generation moment. What part of town do you live in?
@joshephand5538
3 жыл бұрын
@@ReventureConsulting I live in Rainier Valley south Seattle
@rinshin
3 жыл бұрын
Very good info.
@ReventureConsulting
3 жыл бұрын
Thank you!
@serzhant2129
3 жыл бұрын
Ah, there’s it is! Thanks, Nick very insightful.
@eugenegordin6178
2 жыл бұрын
Average income does not include stock gains, unless I'm mistaken. Lots of people in Seattle area gain hundreds of thousands of dollars every year from stocks. They sell when they vest, and they reinvest in real estate. Look at the stock marked in the last 12 month and you'll understand one of the reasons why the Seattle market is going up. Also, you haven't mentioned about the inventory I think...maybe I missed it. The inventory here was 0.6, 0.4, 0.7 month over month. That is crazy! The house were, AND still going above asking. Around 60% last month were sold over asking. Is it overvalued - yes, absolutely! Will it go down? Prob no, I think the market here will get to SF level at least before flattening.
@steliana26
3 жыл бұрын
Almost all of the housing in downtown Seattle is high-rise buildings. Pre-pandemic I saw prices for tiny 400 sqft units at about $400K. Obviously, when the city shut down due to the pandemic, no one wanted to live in something like that on the 32nd floor. In addition, some companies permanently changed their work-from-home policies. That's why prices there did not appreciate last year. People moved away and caused the price hike in the surrounding areas. Even before though, the towns of Bellevue and Redmond were more expensive than Seattle. Now the price has spread to the entire state -- areas several hours away from Seattle see pretty regular houses going for half a million. It's been pretty crazy for a while and more and more so. I've been watching the market for a few years, as I have the downpayment but everything feels so overpriced and I refuse to go on a bidding war. I've seen hundred year old small houses being offered at 600K, houses on the market for 5 times what they sold for, say, 10 years ago. There was this really cute house that I went to see in early 2019 outside of Seattle, 2BR/1BR (1 bathroom). It stayed on the market just 2 days and sold for over $800K when the asking price was $600K. And that was before the pandemic. Since then houses in that range have gone up $200K. Fun fact about Medina: that's where Jeff Bezos and Bill Gates live. I've heard the town is gated, regular people can't set a foot there, let alone buy a house.
@ReventureConsulting
3 жыл бұрын
Thank you for the comment and local insight! I have the same mentality about bidding wars: just not worth it. Something feels morally wrong to me about competing against 10 other people to buy a home that has appreciated 4x in 8 years. That's interesting RE Bezos and Gates. Thanks for the anecdote!
@DeAnnaRocksMost
3 жыл бұрын
I've been waiting for about five years now. Boyfriend and I have been wanting to stop renting, but I absolutely refuse to buy when it's so overpriced everywhere.
@edwardlloyd9468
3 жыл бұрын
Live in Bellevue, just passed the Washington brokers exam. Certainly an interesting market in the Seattle and surrounding areas
@aswinpriya234
2 жыл бұрын
Where did you study it from?
@BeTrue2Yourself413
3 жыл бұрын
This video is superb and exquisite content! I live in North Seattle and rent two bedrooms in a duplex house and rent is ridiculously insane. To make matters worse the house is old. We even had to replace some appliances like refrigerator and washer and dryer at our own money because landlord will have a reason to increase our rent if we let him replace those appliances.The sad part unit doesn’t have a dishwasher!
@jrogersok1
3 жыл бұрын
Now that we're 6 months out and the market here has continued to skyrocket in prices, what does this look like now?
@BigDeeInnerGee
3 жыл бұрын
Had to leave Kirkland, wa and move cross country to afford dream house at half the cost in 2019. Cookie cutter new homes starting at 1 mil was just too much for me.
@wfan2844
2 жыл бұрын
Those cookie cutters probly worth 2+ millions now
@coadjr
3 жыл бұрын
Working in seattle - living in Everette and Tacoma is way too far to commute - even Bothell area its ~ hour commute times in and out of seattle with I5 being overcrouded. 520 freeway is a toll bridge, and i405 have taken 2 lanes away for paided access.
@ReventureConsulting
3 жыл бұрын
Thank you for the insight!
@selalik360
3 жыл бұрын
Living in Kirkland, WA (15mins from Seattle) few thousand dollar rent. Self employed with a 5 figure monthly income is barely competitive in this market. With your videos I've made the decision to move out of the city, focus on cash flow in long distance real estate and by the end of the year hopefully find a more suitable cost of living city so I can reduce my work hours and focus on family. Thank you for all you do.
@robwastman4993
3 жыл бұрын
I’m currently selling vacant land in West Seattle. The biggest problem that developers have here is the permitting process that adds about $30,000 to a single family residence and many months.
@robelabraha9594
3 жыл бұрын
I'm interesting to buy a land if you haven't sold it yet, respond me or robidcrobi@gmail.com email me
@design_girl3345
3 жыл бұрын
Live in Snohomish County bordering King County. I simply hate the real estate market here. Have money saved in the bank, yet, simply not enough and it’s way overpriced in my opinion. My two options are either wait it out or move to a state that seems more reasonable with cost, yet, even that has insane bidding wars. 🙄
@ReventureConsulting
3 жыл бұрын
Thanks for the local insight! I can't imagine how tough it must be to pay in a market like Seattle (heck, I think Austin is expensive). Patience is a virtue. I think a market like Seattle will balance out a bit in the future.
@tippydog1010
3 жыл бұрын
Multi family investment companies, like Equity Residential, are still building here. The light rail is seeing six story apartments going up everywhere around the train line. So the “smart money” is still investing here. transportation is investing here. I don’t know why!!... It does not seem smart to me. I live here in North Seattle. But when these companies put their money here, that is potentially an upward movement sign. At least for multifamily.
@ReventureConsulting
3 жыл бұрын
These companies are not as smart as you think. I have worked or work with many of them. Most of their decision-making is based on groupthink and what seems "palatable" to investors.
@mikerasmussen7367
3 жыл бұрын
Great Video! Mind doing a deep dive on Boise?
@ReventureConsulting
3 жыл бұрын
Next Wednesday!
@seansimons7043
3 жыл бұрын
Cant buy anywhere around pierce and king counties
@dmark6699
3 жыл бұрын
I live in Tacoma and housing is expensive. I was down in Olympia looking at property and there was a couple looking at the same property who work in Seattle 60 mi away, by the way Olympia property is expensive. The Government has suggested a light rail from Olympia to Seattle.
@janisferrante3739
3 жыл бұрын
what about doing an analysis of Phoenix
@ReventureConsulting
3 жыл бұрын
Thanks for watching Janis! Follow this link for an analysis of Phoenix - although warning that it is somewhat stale at this point (5mo old). kzitem.info/news/bejne/2nx4vXV3eoKAfaA
@pryshrng
3 жыл бұрын
Great video, thanks!! I'm curious what tool were you using to display median home prices by zip code and appreciation percentages?
@ReventureConsulting
3 жыл бұрын
Thanks for the comment! Data comes from the US Census Bureau/Zillow and visualized using Tableau.
@pollymeyer2287
3 жыл бұрын
We moved to Seattle 6 years ago and bought a rental house near UW. We just sold it last week. Seattle city really scared us doing investment in Seattle. That government is crazy . They want that city become a socialist place. I came from the socialist country, and couldn't believe the US is changing to that way. We will invest our money back to Texas.
@DeAnnaRocksMost
3 жыл бұрын
I'm in Federal Way. I've been looking at the south and am considering relocating too.
@ReventureConsulting
3 жыл бұрын
Thanks for the comment Polly! It's unfortunate that the local government in Seattle is deteriorating so much. It is a much more business friendly environment in Texas. But there's one downside as a rental investor: you have a lot more competition.
@cbear8504
3 жыл бұрын
What about Portland vs Phoenix? Will they both remain stable or Portland to crash and Phoenix to maintain??
@ReventureConsulting
3 жыл бұрын
Check video history for Phoenix. Will be doing Portland in the next month or two.
@christopheryoung5166
3 жыл бұрын
Bruh, you were killing me. The county is pronounced "Snow-home-mish". Lol And that is not a river that separates Seattle and Bellevue. That is Lake Washington! 😂 😂
@ReventureConsulting
3 жыл бұрын
Sorry Christopher. Maybe your area should have easier names to pronounce! ; )
@christopheryoung5166
3 жыл бұрын
@@ReventureConsulting Oh no, you are right. Folks not from my State, and those who are, even have a hard time pronouncing the names since we have an unsually large amount of areas with Native American names. Lol. It's all good
@johnjaco5544
3 жыл бұрын
😂😂😂😂😂😂😂😂😂
@kateribeiro3636
2 жыл бұрын
Nick what website did you use for growth trends? I’m looking to buy and would love to deep dive into those numbers more
@Mark65845
3 жыл бұрын
Don’t forget that Seattle, WA is long overdue for a subduction zone earthquake.
@ReventureConsulting
3 жыл бұрын
Geez, yeah. I was just watching a documentary on the San Francisco quake from 1989. Crazy stuff.
@Mark65845
3 жыл бұрын
@@ReventureConsulting That’s nothing compared to the 9.0 earthquake coming to Seattle and Portland, followed by a huge tsunami that will destroy all those secular progressives there, followed by eternal fire in hell for those who do not trust in Our Lord and Savior Jesus Christ. Amen.
@sterlingmarshel6299
2 жыл бұрын
@@Mark65845 always one of you "believers" in the comment with stupid comments - the earth is billions of years old - man-made religion is in the thousands you do the math - no hell or heaven
@tublin4940
3 жыл бұрын
Considering Seattle has a similar political climate to SF (think: not having to leave the echo chamber, cultural similarity, etc) but is cheaper, I can imagine continued migration in terms of high paying jobs from SF to SEA. Another way to look at it, is you can see from the voting how one sided King County is politically. The people and the leaders of the major companies share the same ideology. The laws they are getting are the ones they support. So I'm not so sure the liberal policies are going to drive away the liberals living there.
@kw4928
3 жыл бұрын
Definitely not! We are blue and proud of it. That will never change.
@tublin4940
3 жыл бұрын
@@kw4928 well said
@DLo-kp1jd
3 жыл бұрын
I grew up here. It's totally not worth it to live here anymore. I have a good income and It's too expensive to own a home here anymore. I have Tech friends who cannot afford to also. It's way overpriced. You will get taxed up the yin-yang. I have owned a home in the past for almost a decade in Seattle. They constantly want to raise taxes thus nickel-and-diming you to death. Plus there's a homeless problem here that the City Council claim to be trying to solve but they don't. Yeah, there's a lot of people that are moving here but a lot of them are not friendly and bring the city stuck-up attitudes with them. Of course the greedy Realtors here want to paint a different picture and invite you to a so-called friendly Seattle.. The quality of the city has overall gone downhill. Looking to eventually change industries move somewhere else....
@sterlingmarshel6299
2 жыл бұрын
move - problem solved
@kd435thacct
3 жыл бұрын
Do you think home prices in Seattle will adjust by mid to late 2022 now that things are looking to get back to normal with people getting vaccinated? My original plan was to buy a house in 2022 but with the ridiculous spike in house prices over the past 2 years, I am not sure whether i should wait till 2023 to see if the prices will be more reasonable by then.
@ReventureConsulting
3 жыл бұрын
Great questions! It really depends on your personal, financial, and family situation. I personally see no rush to buy in this type of market.
@DeAnnaRocksMost
3 жыл бұрын
I'm near Seattle and haven't bought a home yet. I actually want to move out of state to buy, the prices here are ridiculous. Also, I probably want to plant roots somewhere that leans less left, where the policy makers haven't lost their mind 🤯
@ReventureConsulting
3 жыл бұрын
I feel you DK! That's why I moved to Texas!
@howardsmith5072
3 жыл бұрын
I'm considering a condo purchase in Lower Queen Anne. Should I be concerned with current crime levels?
@thelonewanderer509
2 жыл бұрын
Queen Anne is definitely one of the nicer neighborhoods in Seattle and almost feels like an enclave compared to the rest of the city. Have you bought yet?
@SqueakyHinge
3 жыл бұрын
Seattle is not part of the United States. This area pretty much snubs any outside business or governmental influence except for taking their money. And with the continued growth both in size and in power by the previously stated tech businesses that have ended up here - nothing is going to change in a positive direction for the "working" people. They will continue to be priced out and legislated away from this area. And with that the rest of the state and some adjoing states are also getting messed up due to the citizen traffic out of Seattle and to their areas. And that is forcing up land and home prices there also which, well, creates the same problems as is here but in a smaller way. Plus that influence of business and real estate from here to there really messes with the quality of life in those areas. I see greed as the main driving force here. And it's going to continue until what's left of the "working" people here start to push back. One interesting phenomenon that is happening that is not a subject of this discussion; the the overwhelming number of apartment buildings now being built in and around Seattle. They will hit the market by this winter and there is no doubt a lot of things, including real estate and rental costs, are going to plummet. Nothing like good free and open competition to set a market straight. And the increase in rents...that will also need to come to an end in the Pierce and Snohomish Counties as rent increases are serviced by increased incomes of the tenants and that is just not happening.
@ReventureConsulting
3 жыл бұрын
Thanks for the comment! I agree that Seattle has a huge influence from tech. But tech growth might not last forever. Lots of warning signs right now about overvaluations throughout the space. Seattle's economy got hit very hard in the DotCom collapse from 2001-03.
@SqueakyHinge
3 жыл бұрын
@@ReventureConsulting You should have been here in 1970. The DotCom collapse was different. It was a lot of banks giving a lot of money to people who had computer or software degrees with not much business experience or sense. Those companies now have a foothold in our economy and have powers like never seen before along with cash reserves to last our most any recession and/or buy up most anything that comes up for sale most here and everywhere else.
@Tyson2busy
3 жыл бұрын
I’ve been in Bellevue, WA for the last 20 years. One unique factor that the tech industry applies to housing in the Seattle area is that they are constantly hiring high paying tech jobs from all over the world. These foreigners tend to stay and bring as much of their family from their home country they can.
@ReventureConsulting
3 жыл бұрын
Thanks for the comment and insight Tyson! I agree - the tech scene is definitely propelling the Seattle economy and real estate market forward. But we should be careful about assuming perpetual tech growth into the future. Many are speculating that there is a tech bubble now that is similar to the DotCom bust in 2001. Seattle's economy got hammered back then and could be in for some pain if something similar were to happen again.
@derekc9295
3 жыл бұрын
@@ReventureConsulting while that is true the tech industry is much more robust then it was in 2001 so the chances that a Microsoft or Amazon and many other Med/large companies in the area go under then probably not gonna happen. You even have Boeing in the area that has had its own cycles but has still supported a large base of well paid jobs. As long as Amazon or Microsoft don’t decide to pack up and completely leave that will leave a very large floor for the Seattle market to hold too. Not to say you may have some fluctuations based on demand at that current time and of course interest rates but I don’t see any drastic changes. As someone who’s lived here my whole life and seen the changes I personally see the market here staying pretty flat for the next 2-3 years especially if the fed raises rates before we start to slowly trek upward again. It’ll be like what happened in 2018. We never saw a crash but it did impede some of that growth we had in 2016 & 2017 and prices flattened out for about a year and a half before slowly starting to go back up in summer 2019. Just my two cents.. but I think as long as the fed plays the game right the economy will continue to do fine and as long as banks just turn 30 year loans into 31 or 32 year loans for all those forbearances, then all markets should continue to do fine with the exception of some areas that have had huge increases recently will probably see a plateau effect for a couple years.
@Shakespielberg
3 жыл бұрын
Seattle will unlikely return to its prior 'value days' ever again. It is without question 'Silicon Valley II' now. The prior decade was _'a different time'_ entirely, in corporate history. Microsoft had a 'dead stock' valuation; beyond that the assortment of major USA tech companies [that now run the whole world] were either still rising from the ashes of the 2001 bust (Amzn, Apple, Google, Expedia, Netflix) or just being borne (Facebook, Twitter, AirBB, Tesla). All that has changed dramatically. Now _Every_ major tech giant has a significant presence here, and their ability to pay top price for top talent has No limit. Beyond that, we have an absolute ton of small peripheral tech companies taking up all the real estate scraps & 2nd tier people-talent (those who couldn't pass the interview at Msft, Amzn, Tsla etc.) But what's worse is how the Seattle government does nothing to clean up downtown, which has become an absoulte shithole. The extensive 2019 documentary 'Seattle is Dying' is very true and has only gotten worse lately: kzitem.info/news/bejne/w6Z3z2tmkIlzn6w
@ReventureConsulting
3 жыл бұрын
What if tech declines, like in 2001? Seattle's economy got crushed back then.
@Shakespielberg
3 жыл бұрын
@@ReventureConsulting Nick I'm sure you know very well the axiom that 'history doesn't repeat, but it can rhyme'. [I think] we won't have a repeat of the 2001 tech crash because the market doesn't work that way. It is always looking out for mistakes and opportunities that it recognizes (such as your reply), wherein speculators & buyers then take advantage of such opportunity early, thus progressively consuming/eliminating said opportunities until they are gone, or rather, have evolved into something no longer recognizable. [Thereby allowing a new type of fragility to emerge in the market.] Recessions and crashes we encounter in the future will be based on something entirely different than what we've seen in the past; and they will be equally as impossible to predict by most people, just as 1987, 1997, 1998, 2000, and 2008 were. I digress. The problem for Seattle buyers [now] is that there are too many mega-cap tech companies here; and they each have more money and monetary leverage than most small countries! *_This was not the case just 15 years ago_* Any modest recession will not have a lasting impact on their employee counts nor the average income of their demographic (let's be modest and call it at $150k+ per capita.. Google right now says Avg Tech Salary here is $279k but I think that's way over estimate.) Anyway, the sheer quantity of these workers is a huge cause of the high housing prices in this region. Whatever causes this to change [here], will likely be something that affects us far greater than a simple tech decline; such as an issue with our sovereign debt (ie a major decline of Treasures held by foreign governments; US Dollar 'reserve status', etc.) Which no one believes will ever happen. Which is all the more reason that makes it very possible. But this is merely my own opinion; nothing more.
@kw4928
3 жыл бұрын
What happened in the 'chop zone' of Seattle during BLM movement truly did a great deal of harm to the city itself. A very high exodus of police due to Mayor Jenny Durkin's defunding the police and closing the police precinct in the area of the zone, and other bad decisions by either that mayor or an insanely anti-business city council. This is not a reflection of political sentiment of the city as whole. Yes, we are blue and proud of it. But this mayor and City council are wacky extremists and not a good representation of the majority of our population. There are some that need to go because they have caused much more harm than good to the City of Seattle. That being said, those of us living in what is referred to as Seattle Eastside, ie King County on the other side of Lake Washington (not a river 😊 ) are in a slightly different world. RE prices are much higher than Seattle proper. And still blue liberals but without much of the extremism of the City of Seattle, and more business friendly. In fact, big business's like Amazon are reducing their presence in downtown Seattle and moving to the Eastside (Bellevue, Kirkland, Redmond have a very strong tech presence... think Amazon, Microsoft, Google, Zillow, Facebook, Expedia, T-Mobile, Twitch just to name a few). The median home price is above $1M! It's ridiculous and I wholeheartedly agree with you that a market correction is coming. I want to buy, but am fearful of ending up under water in a year or two. Something I really respect about you is your honest assessments of the RE market without the hidden agenda of the media and RE agents and their firms that in my opinion will NEVER be fully transparent about the market. Their interest is only in promoting RE sales, that which is their livelihood. They will never say it's a bad time to buy. Instead they are constantly creating FOMO to promote buying and selling, of course! That's why it has always bothered me that these are the very sources the media goes to for their TV and print stories. 🤦🏻
@apai811
3 жыл бұрын
Seattle area also has strong presence of Google, Facebook, Boeing as major employers.
@anyone150
3 жыл бұрын
Seattle prices remained relatively stable during the 2007-2012 crash and its fallout. Prices are now double what it was before the 2007-2012 crash.
@momoxiaoshizi
3 жыл бұрын
Hey, dc is more liberal, 94% dem, how come you didn’t talk about that in DC episode?
@Brian01987
3 жыл бұрын
Bill gates house is in Medina
@dlwatib
3 жыл бұрын
The beginning of the end hasn't yet begun. Some of those major employers you're talking about are going to move out of the Seattle area... likely out of Washington state altogether.
@allenklau
3 жыл бұрын
This analysis should have included Kitsap County
@ReventureConsulting
3 жыл бұрын
Thanks for the comment Allen! The reason it was excluded is because Kitsap is technically in the Bremerton, WA metro, not Seattle. But I hear your point given how close it is. I'm curious - do people in Kitsap commute to central Seattle?
@DeAnnaRocksMost
3 жыл бұрын
@@ReventureConsulting Yes, many people that work in Seattle live elsewhere. It's just a ferry ride away from Bremerton or Kitsap.
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