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Real estate in the PNW is still insane


Dottles
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Since I moved 3 counties out and managed to close my home in January, I've basically ignored the market.  But my eye caught an article this morning that show just how desperate things have become up here.  A 4 bedroom house in a bedroom community about 30 miles out of Seattle recently drew 45 offers!  

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Sally Li, a broker at Beacon Hill Realty, said she has watched buyers push farther south to find homes they can afford. In November, she said, her client competed for the house in Puyallup that drew 45 offers.

“They didn’t even have time to call everyone back,” she said. “They just sent a mass email.” 

https://www.seattletimes.com/business/real-estate/homebuyers-in-western-washington-hard-pressed-as-mortgage-rates-tick-up-and-supply-remains-scarce/

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The average house price in Central Maryland is $390K, up 11.7% during the pandemic.  It was $250K several years ago.

We've also gotten to the point where we have suburbs 30 miles from Baltimore or D.C.

There needs to be a 2nd, outer, Baltimore Beltway.  The current one had light traffic when I commuted to college in the 70's.  Now it has bottlenecks and slow traffic in many places.  Many people are traveling from an outer area to the Beltway and then back out to another outer area.

The D.C. Beltway has been a joke for decades. Cars often creep along at 15-25 mph for miles and miles.  The Baltimore Beltway is getting there if a 2nd beltway isn't built.  Of course, if the Governor and General Assembly decided to do it, their next campaign opponents would target them for spending and taxes. The transportation network of the whole USA is getting bad.

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I think its hot all over. Our younger son is relocating for the Army down south, and there's no homes worthwhile within 45 minutes of the base and as soon as one does come on the market, they sell right away. Our older son wants to buy a weekend place in the same area as my wife and I live to spend more time with the cooler gramma and grampa. ;) He says homes are only on the market for a short time before they're in bidding wars. The empty lot across the street from us has been for sale, on and off, for twenty years.  It was relisted a few weeks ago for double what they were asking just a few years ago. And they've already staked it, the utility companies have marked their lines and a septic company did a perk test last week.  Looks like soon when I look oot my front window I'll finally have someone looking back at me. :(

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Our house is basically sold. A pal wants the garage for her toys and the house for her mother. 

she just texted me and said she is calling the realtor in the morning. She said I get to pick the close date so I can move and not be rushed.

Our house never even went on the market. It was a rumor that went through town that acted as my advertising.  They came to us.  

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2 hours ago, MickinMD said:

The average house price in Central Maryland is $390K, up 11.7% during the pandemic.  It was $250K several years ago.

We've also gotten to the point where we have suburbs 30 miles from Baltimore or D.C.

There needs to be a 2nd, outer, Baltimore Beltway.  The current one had light traffic when I commuted to college in the 70's.  Now it has bottlenecks and slow traffic in many places.  Many people are traveling from an outer area to the Beltway and then back out to another outer area.

The D.C. Beltway has been a joke for decades. Cars often creep along at 15-25 mph for miles and miles.  The Baltimore Beltway is getting there if a 2nd beltway isn't built.  Of course, if the Governor and General Assembly decided to do it, their next campaign opponents would target them for spending and taxes. The transportation network of the whole USA is getting bad.

I actually think the greater DC area traffic is worse than the greater LA traffic. We have far greater volume of traffic but a much better infrastructure.  Our roads are in a grid as well as the freeways.  

Instead a a beltway or loop we have numerous freeways that run north/south through metro LA.  

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3 hours ago, ChrisL said:

...we have numerous freeways that run north/south through metro LA.  

Yes you do.

 

3 hours ago, ChrisL said:

Instead a a beltway or loop...

Yes they do.

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20 hours ago, Dottles said:

Since I moved 3 counties out and managed to close my home in January, I've basically ignored the market.  But my eye caught an article this morning that show just how desperate things have become up here.  A 4 bedroom house in a bedroom community about 30 miles out of Seattle recently drew 45 offers!  

https://www.seattletimes.com/business/real-estate/homebuyers-in-western-washington-hard-pressed-as-mortgage-rates-tick-up-and-supply-remains-scarce/

My 'rents & me lived in Puyallup in '55-56 while Fo2 was getting promoted from AFC to 2Lt. Lived in an Airstream. Prolly not too many Airstreams left there.

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7 hours ago, 2Far said:

My 'rents & me lived in Puyallup in '55-56 while Fo2 was getting promoted from AFC to 2Lt. Lived in an Airstream. Prolly not too many Airstreams left there.

It's a lot different since then. It's not a bad place if you work in the area. But even then not my destination.

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The offer came in on our house.  Full price, all cash deal. No weird contingencies.  Looks like we are entering into escrow.  

Close date is all nice and negotiable.  They won't leave us homeless, if our home is delayed.  We should be fine though.  May 7.  :happyanim:

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14 hours ago, 2Far said:

Fo2 was at McCord

Yeah, the military sure did pick a crappy place.  The stretch there from South Tacoma to the norther edge of the Nisqually delta in Olympia is... ummmm... not my favorite.  In general, South Tacoma is pretty gross.  But that stretch along 512 that carves it's way out to Tacoma is not bad.  Not bad at all.  

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14 hours ago, Dirtyhip said:

The offer came in on our house.  Full price, all cash deal. No weird contingencies.  Looks like we are entering into escrow.  

Close date is all nice and negotiable.  They won't leave us homeless, if our home is delayed.  We should be fine though.  May 7.  :happyanim:

Congrats!  It's a super big deal and I'm happy for your and your hubby.  We had a cash deal too and it's pretty sweet.  In fact, our last two places have been cash.  Now just have fun building your new place.

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