Lauren Held and Kyle Frederick didn’t think they may afford a house anytime soon, especially in Seattle’s expensive housing market.
Dr. Held, a 35-year-old clinical pharmacist who works as a medical science liaison in hematology, and Frederick, 34, an accountant, rented a house in Phinney Ridge, a lakeside neighborhood in north-central Seattle. They liked the neighborhood, but last yr, when the homes around them began to sell for “insane sums over demand,” as Dr. Held put it, they concluded that they might should move.
“It seemed too competitive with an excessive amount of money for the technology around us,” she said.
Nevertheless, throughout the summer, Mr. Frederick began to note that some offers were put available on the market for long periods, often with price reductions. House prices fell rapidly within the Seattle subway area and rising loan rates weakened demand and caused the median house price to drop from $ 820.00 in March 2022 to about $ 760,000 in September, in accordance with Redfin.
So the couple, each North Carolina compatriots, began casually on the lookout for a house to purchase, hoping something would work out. They contacted Katy Roberts, a Compass broker, and tried to set a budget.
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“The market has softened,” said Ms Roberts. “But we still saw lots of offers.”
They desired to stay in northern Seattle, preferably in an area like Phinney Ridge. “We lived in an area that was great for walking,” said Dr. Held. “There’s a lake called Green Lake. This was our cut-off point.
They set a budget of around $ 1 million, and Mrs. Roberts was in a position to show them a couple of houses in that range – although she warned them that they may need to go a little bit higher. The pandemic market was cooling off, but homes in northern Seattle continued to outstrip asking prices. “Several of the homes they were excited about received multiple offers,” she said, “and sold 10 to fifteen percent above the list price.”
Amongst their options:
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