I’ve been learning a very unpleasant economics lesson lately. Attempting to buy a house in the Seattle, Washington area is leaving a bitter taste in my mouth indeed. This is the most booming seller’s market in the entire country, and therefore I’m experiencing cutthroat competition.
I’ve seen house values nearly double in the three years I’ve been here. There’s a good reason for that. Seattle is issuing 200 new drivers licenses every single day. That’s how many adults are moving to the area. And the number of available housing units isn’t even coming close to keeping up with that pace, so everyone, including me, is getting desperate.
Personally, I’d sit back a few years until this foolishness dies down, except that rents are going through the roof (pardon the pun), as well. I’ve had more than one friend experience a $500 a month rent hike when they went to renew their leases. If that happens to me I’ll be sleeping on a park bench, in the rain, using my dog Quagmire as a pillow.
The frustrating thing about this is that the “value” of these houses is hyper-inflated simply because it can be. I saw a little 900 square foot house with a tiny yard, built in the 1930’s, and the seller is asking 2.5 million, and will probably get it. Location, location, location.
But what is this city going to turn into if only the type of people who can pay that kind of money are able to live here? In terms of quality of life, it’s been my experience that any city is better off without an overabundance of rich, insufferable, entitled assholes. You need people like me to scrub your toilets and flip your hamburgers. You need diversity and culture to be a really stellar city. But that’ll only work if we have a place to sleep during our off hours.
A lot of sellers aren’t even bothering to tidy up their places before listing them, because they know they don’t have to. Somebody is going to buy it regardless, and probably for 75k above the asking price, so why waste your energy?
Recently I saw my dream house, and the asking price was within my range, so I bid on it. But 8 other people did, too, increasing the price so much that I couldn’t come close to competing, and the person whose bid was accepted not only waived the inspection, but paid cash. Cash. There’s no way I can keep up in this market. I’m going to wind up in a hovel right on the end of the airport flight line, or in a dangerous neighborhood, or with a 2 hour commute each way.
There is something wrong when a 52-year-old woman who has worked steadily since the age of 10 cannot afford to live anywhere within 50 miles of her place of employment. Did I pull the wings off flies in a former life, or something? This is a truly messed up situation.
Everybody knows that their houses aren’t “really” worth what they’re getting for them these days. But they’ll take it, by God! Greed trumps everything in this country. Granted, a lot of them kind of have no choice if THEY are trying to buy another house in this area. Some people are born greedy, and others have greediness thrust upon them. It’s not a good look either way. Sometimes “because I can” is not the best reason to do something.
If I were selling my house, I don’t think I’d take the very top bid. I’d also take into consideration if the person will continue to make the house a home, and be a good neighbor, and really loves what I’ve tried to do with my abode over the years. Better yet, I wouldn’t put it on the market at all. I’d find a deserving person and work with him or her to make it possible. I wouldn’t sell it to an investor or someone looking to turn it into a rental property, or worse, tear it down and put up a high rise, for Pete’s sake. Because avoiding that is the right thing to do. The decent thing to do. It’s the thing to do if you have any integrity at all.
But that’s the nasty thing this home buying experience is teaching me. People, as a general rule, do not have integrity. Their moral compasses are spinning in lazy circles.
The only way I’m going to find a home around here is if someone gives me a little bit of a freakin’ break. And here’s the thing. No one is going to do that.