housing on the west side, how do you do it?

[ruffryder]

I have been looking at upgrading rentals for the Mrs and I, but dang man. It looks like to upgrade will cost a cool 500-600 a month for housing.

How do you guys do it? Did you all buy homes 10 years ago when property was cheap?

Just an evening rant while doing searches online.. This place is great, but dang if I don't feel poor all the time...

 

[rmk2112]

I wish my rent was that much!
I live in the Mill Creek / Bothell area, I pay $1600 a month where I live - 3 br, 2.5 bth.

My plumbing biz pays all the bills for us.

 

[ruffryder]

I wish my rent was that much!
I live in the Mill Creek / Bothell area, I pay $1600 a month where I live - 3 br, 2.5 bth.

My plumbing biz pays all the bills for us.

That was the upgrade price, upgrade to about 1600 a month for rent...

 

[yammadog]

That was the upgrade price, upgrade to about 1600 a month for rent...

the line between your preferences and what you pay is going to affect that price by $300/month....since you have talked about buying at some point down the road, just rent for something not of full preference for less and keep stashing the cash....

 

[Lushbomb]

$1350 in a premier Seattle Hood..
2 bed 2 bath full furnished basement/man cave = 3 bedrooms, music and video studio, huge yard, garage (nuff for 4 sleds+4dirtbikes) and drive way.. gotta hunt for the deals and then squat as along as you can..

 

[ruffryder]

$1350 in a premier Seattle Hood..
2 bed 2 bath full furnished basement/man cave = 3 bedrooms, music and video studio, huge yard, garage (nuff for 4 sleds+4dirtbikes) and drive way.. gotta hunt for the deals and then squat as along as you can..

I should fart against the wind more often.. good score!!

 

[yammadog]

$1350 in a premier Seattle Hood..
2 bed 2 bath full furnished basement/man cave = 3 bedrooms, music and video studio, huge yard, garage (nuff for 4 sleds+4dirtbikes) and drive way.. gotta hunt for the deals and then squat as along as you can..

Yeah, I think you're going to have to expand your horizons and not look just on the eastside..but then you get traffic....I've seen stuff out here in NB for less than what I'm at(1450)..but it's the sacrifices you make..location or not...features or not....without kids the options are way more abundant....

 

[winter brew]

For that amount you can buy....just need a down.

 

[ruffryder]

For that amount you can buy....just need a down.

I don't know about that.... if you figure on living in the house for 5 years max, it is better to rent. Though, that assumes that the house isn't appreciating 10-15 % per year like it did a little while ago, though now it is -10% per year since 2007.

 

[ruffryder]

Yeah, I think you're going to have to expand your horizons and not look just on the eastside..but then you get traffic....

yah, my current job is a tough spot, good options are east for shorter commutes. Traveling through Issaquah on front street / issaquah - hobart road can be pretty bad. I have been looking at 900 and renton highlands locations. Looks like the commute would be less then 45 minutes, but it would be a while to the mountains as well.

I've seen stuff out here in NB for less than what I'm at(1450)..but it's the sacrifices you make..location or not...features or not....without kids the options are way more abundant....

I have only seen a couple for a little bit less up on the rim.

I am actually kind of surprised as it looks like slim pickens with respect to housing rentals. Condo's and apartments are something completely different though.

Fall City does have its charm though, I like small towns, though small cheap ones are better!! ha ha

 

[winter brew]

There are some awesome deals out there for buyers. I doubt prices will drop much lower, you will be $$ ahead in a few years if you find a fair deal. Lots of investors buying up homes right now just for this reason.
If you need to relocate in the near future, then I agree a rental might be the way to go....doesn't hurt to look at a few houses and see what's for sale.

 

[ruffryder]

There are some awesome deals out there for buyers. I doubt prices will drop much lower, you will be $$ ahead in a few years if you find a fair deal.

I don't know about that. Not from what I am hearing, nor what I see and hear in the midwest. The commercial realestate around here isn't doing very good either.. trickle down.

Home values are around 2003 - 2004 values right now, from what I have been seeing. I have been watching the housing around the eastside for the last year.

 

[winter brew]

Tough to say for sure....this area is typically last to get hit negatively and first to recover compared to most of the country. A couple friends in real estate went from a couple sales last year to having record sales in recent months (they've been doing it for 20+ years). They feel they are near or past bottom (prices).....but who really knows for sure.
Another way to look at it.... if you rent, how much do you lose in the same timer period?
Plus....democrats are supposed to like paying high property taxes

 

[ruffryder]

Another way to look at it.... if you rent, how much do you lose in the same timer period?

Not sure, I think it is pretty close... though if the market goes down... or stays flat, then that will have an impact.

 

[4Z]

Neighbor across the street from me is renting out his casa since United relo'd him to Vegas. Bunch of upgrades. 5 bedroom 3 full bath, 3 car garage. $2k per month.
Schools walking distance and 'sack is off a dead end street and all the other neighbors are original owners. This is a high price, but I have been here for 10 years and would gladly pay the higher price for all the extra benefits of shopping, school, low traffic, awesome neighbors that watch your back.

 

[ruffryder]

talking with the mrs.. I think we have found a spot. We are going to move into the attic.. ha ha. Cheap increase and real easy move..

 

[rmkboxer]

I live in Bonney lake, and I pay $1450 a month with taxes and insurance on a 20 yr loan. interest rates are low right now. I got a 4.5% a couple years ago but its easier to get that low now

 

[Lushbomb]

For that amount you can buy....just need a down.

thats our problem.. no down $$$ and so hard to save $$$ paying 1000$ a month for daycare.. in the last 3 yrs i've paid almost 30k in daycare.. ouch

i'd move out east of bellevue like NB in a heart beat if we could buy a nice place and afford it.. for now we rent and were both working in seattle for the past 6 yrs.. (i work eastside now.. yuck!)

renting is like throwing money away.. but what can ya do with out a down payment.. a 2k a month or more morgage would be more than painful.

 

[Seeyacop]

There are still zero down options available, USDA guaranteed loans, VA (if you are a veteran or active duty) and the WA State bond program. A few banks still offer 100% financing as well to comply with the community reinvestment act.

PM me if you want to know how you can buy with zero down. Many people are surprised to find that right now they can buy for close to what they are paying in rent.

-Ryan

 

[ruffryder]

There are still zero down options available, USDA guaranteed loans, VA (if you are a veteran or active duty) and the WA State bond program. A few banks still offer 100% financing as well to comply with the community reinvestment act.

Yay that helps, but it doesn't do much to reduce your monthly payments, and sometimes the banks require you to have PMI (except for the VA) if you don't put money down.

Many people are surprised to find that right now they can buy for close to what they are paying in rent.

I am not sure about that. Maybe if you are just looking at the mortgage, but if you include taxes and such, that does not look like the case.

From what I have seen in the north bend area houses for sale in the low 200k's are renting for around 1300 bucks, houses near the 300k's are renting for 1800 a month.

A 225k mortgage, at 4.5% financing, is 1,140 a month, with taxes of 3k a year or 250 a month, for a total of 1400 a month.