turnaround in housing

[shaylahc]

Originally Posted by happyhunting

I agree 100% IRA. I was a Realtor in LV (VERY different market) and haven't yet re licensed over here. From a renter's perspective, I wish some of these trapped homeowners would lease the house instead of trying to sell it. I'm in Ballard, and it's slim pickings. I've seen a few lease options, where the owners think they'll get a stable family in that will love the house and take care of it, and eventually buy it when the market up swings. But only a few of those. Houses go on Craigslist or Hotpads and are rented in a few days, with crappy terms and it's very competitive.

The problem I'm seeing is that, unless the place is already a dump, most won't allow pets, they only want a 12 month lease, they don't want major commitments with the renter, they want to operate the contract as if they bought a dirty little rental that was purely for rental income, not their prized possession house. Renters on the other hand (particularly families), don't want to feel like every year they will have to find a new place, and may have to switch schools if they can't find something in the same neighborhood. Most are looking for SFH with yards. The neighbors would prefer not to have a line of people moving in an out, and have stable families in the neighborhood. Our neighbors were so excited that we extended our lease. These stuck homeowner should lease their homes to people that are attached to the neighborhood and schools, that will sign longer leases, and tend the homes garden and maintain it really well. I'm not kidding, I would BUY the paint and hire a painter if my landlord would let me paint the outside of the house. I don't think it's been done in years and it's an eye sore. I'd be happy, he could pick the color and he'd be happy, the neighbors would be happy, everyone wins!

I agree 110%. I am in this EXACT situation as a renter, rented a house sight unseen (that ended up being totally trashed by the owners--I was not happy) but houses are SO scarce here, honestly....I'm just glad I found a rental, any rental! I have 4 kids, 3 cats, and a dog. My husband and I are fixing up this house and I hope the owners will let us stay for awhile. The thought of moving again makes me nauseous (not to mention it would be very expensive!). The owners would only extend a yearly lease, though, probably so they can jack up the price next year We're already paying an insane amount to live here....ugh. It's tough being a renter, I could probably buy a house for less than what I'm paying in rent, but as you said....no good mid-range inventory available.

[happyhunting]

Originally Posted by shaylahc

I agree 110%. I am in this EXACT situation as a renter, rented a house sight unseen (that ended up being totally trashed by the owners--I was not happy) but houses are SO scarce here, honestly....I'm just glad I found a rental, any rental! I have 4 kids, 3 cats, and a dog. My husband and I are fixing up this house and I hope the owners will let us stay for awhile. The thought of moving again makes me nauseous (not to mention it would be very expensive!). The owners would only extend a yearly lease, though, probably so they can jack up the price next year We're already paying an insane amount to live here....ugh. It's tough being a renter, I could probably buy a house for less than what I'm paying in rent, but as you said....no good mid-range inventory available.

Wow, it's like I'm reading my own life story (minus 2 of those kids, one of the cats and the dog) LOL!

I originally come from a city, where home ownership is cheap, the majority own, and I did too for the last 15 years. We also moved here sight unseen (in person that is) as we had flown in to house hunt and couldn't find anything till we got back home and found something online. It's really hard finding a SFH, one that takes pets, and is in a good neighborhood and in good condition, and boy you do pay for it. I also only was offered a 12 month lease, re-signed a couple months ago, once again only a 12 month with a 4% increase. I understand this is the standard increase. But it's the standard in PROFESSIONAL land-lording (I've been one). Our landlord is an "accidental one" (last minute job transfer). If it were my own personal house, that I wanted kept perfect, then I'd want that one great tenet that will treat the place like they owned it. I wouldn't want the turn-over. We thought about moving, but like you, the thought makes me cringe.

The original plan was to rent a year and then buy, maybe two years. I didn't want to buy in a neighborhood in a city or on a street I didn't know very well. I'm so glad I rented! I don't think I'll be sticking on my street or my block exactly......renting does have some advantages

[civic94]

Originally Posted by shaylahc

but as you said....no good mid-range inventory available.

yes, thats pretty much true. at least some home builders that are building cookie cutter homes are helping with inventory. if not for Quadrant homes building 2000 sf homes on 3000sf lots in the burbs, im pretty sure a average house in the seattle area would be much higher.

what I see in renton, auburn and kent now is that some home builders are building 2200 - 3000 sf homes on bigger lots, such as 7000-8000 sf for 300-500k depending on quality. you might want to check on that.

oh yea, Im not a big fan of the cookie cutter homes myself, but they are good for the average working middle class family here


and yes, moving sucks. it costs money and tons of time if you have a big family with tons of stuff. its no fun at all.

[MaikeerinWA]

We sold our home in the 'burbs, which we bought as new construction 7 years ago, in literally one day in June. We were surprised (and not to mention delighted and relieved) that we got such a quick offer. We don't think we underpriced the home, and I really agree with those who feel that the "turnaround" is really due to currently distorted inventory conditions. I'm pretty sure we would have gotten additional offers had we not accepted the first "bird in the hand."

[happyhunting]

Just to illustrate how tight I believe the rental market is on single family homes, and how quickly they are going, and for high prices........the last several homes I viewed online had horrible photos. These were what could have been, really cute early 1900 era homes.....but the photos...... mattresses on the floor, no bed-frame or headboard, messy clothes everywhere, the beer bottle collection on the fireplace mantel, huge 1980s style speakers in the dining-room, toilet seats up, trash on the kitchen counters........forget that they didn't stage it.....they didn't even CLEAN it for photos. They have the nerve to post that, ask 2500 for rent, and of course it's off the market in a week. So it's working for them. Little inventory, means little competition and they have no need to even appear as if they are trying. This is why I believe a really nice house, with owners that are stuck, could ask for a very descent rent and you'd have people clamoring for it.

[civic94]

the problem with the high cost in the seattle area is that theres mountains, lakes, etc. and to the west of seattle, you have to take a ferry over, there is no bridge over because the puget sounds floors is super deep. and the ultimate killer is the zoning restrictions in the city of seattle where they cant build higher than 6 or 7 floors. this makes urban sprawl, but the urban areas have limited land. pretty much limited land, and limited restriction kills the middle class person from having a comfortable life with a family, to have that kind of life one has to to live in maple valley/marrysville/ puyallap and have a 2.5 hour commute just to live in a decent sized home for a family

the more I think about it here, the more i feel like i cant afford it. Seattle is cheap compared to other areas that i have lived before, but man its getting worse!

[sarichter]

I'm not sure if I'm seeing things from a different source, but I have found quite a number of nice homes up for rent that seems reasonable enough (that close to the center of a major metro area). Of course that statement is relative based on where I grew up and where I currently live. I'm sure the homes go quick but I saw quite a number that were available that didn't look trashed (in the pictures). Are you referring to homes closer to the center of the city or homes in the greater metro area?

[Akama13]

Well it's summer, this will probably change once schools are open again.

[Akama13]

Originally Posted by tylee

I have found in my own personal experience from my recent house hunting is that there is very little good inventory in the mid-tier. In fact, a lot of the houses in the mid-tier are actually over-priced low-tier from delusional sellers who are in denial about the bubble bursting, or who think that someone will actually pay their mortgage off for them if they just wait for "the right buyer". Even if they found a buyer willing to grossly overpay, the deal wouldn't make it past appraisal.

That is so so true.