From the Seattle Times:
From July 1, 2012 to July 1, 2013, Seattle grew by 2.8 percent — the highest rate among the 50 most-populous U.S. cities.
From the Seattle PI:
The wealthy in Seattle are getting wealthier at a faster pace than any other U.S. city, while those in the lowest income bracket are not keeping pace, according to a new analysis of America’s largest cities by the Brookings Institution.
LET’S SELL OUR FREAKING HOUSE!!!
Girl Ninja and I weren’t fortunate enough to buy at the bottom (circa 2011-2012), but in the two years since we’ve bought our house, the local real estate market has been nothing but bonkers.
If you live in a major metropolitan area it’s probably the same story for you.
Our buddy just tried to buy a house a few miles from us. He lost out to one of the 17 other offers the sellers received.
With the housing supply at its lowest levels in history, prospective buyers just don’t have a lot of options.
Which means they are all competing on few properties available.
Which means bidding wars, cash buyers, and waived contingencies are the norm.
Girl Ninja and I love our house. It’s hella old (85 years and counting), hella charming, hella affordable, and has a hella big backyard for the area.
That said, I also kinda like making money. Especially when it requires very little effort on my part. If we could sell our house for $50k or $100k above what we paid for it, it would be hard to pass that up.
What’s more, Girl Ninja and I didn’t mind renting. We loved the flexibility of the renting lifestyle. No hidden expenses. No maintenance. No changing light fixtures just for the sake of changing light fixtures. We are some of the few people that own a home, that won’t make you feel like you’re dumb for choosing to rent.
We wouldn’t sell if we couldn’t net at least $50,000 in appreciation off the sale. Couple that with our $70,000 down payment that we would get back, and we’re looking at a $120,000 pay day.
But Girl Ninja hates change. She cried the day we put an offer on our house (because she feared it might be a mistake). And I bet ya $50 she’ll cry the day we put this house on the market (fearing it might be a mistake).
And to be honest, I don’t really know what I would do with $120,000 cash. Well besides this…
It’s hard to know Seattle is experiencing one of the best seller’s markets in history, but have no desire to capitalize on that momentum.
Oh well, I guess I’ll just watch other people get rich when they sell their homes.