Good time to buy? In Washington state??

[Steve Lee]

Hey Bp, Moved to Washington around Seattle area and been hearing a lot about a market crash. When I look st graphs on zillow it's definitely peaked. What are you guys doing ? Should i continue to rent?? Try and buy a foreclosure. Thanks.

[Account Closed]

@Steve Lee That depends on what you want to accomplish and what cash you have access to. How long will you be in the Seattle area? How much money do you have to work with? Is it for a personal residence or for an investment?

[Steve Lee]

No cash. Personal res. About 3-5 years of stay.

[Andrew Johnson]

Steve Lee There was crash-talk last year, the year before that, and (probably less loudly) the year before that. Still, you'd have made a killing in Seattle, Denver, Austin, Nashville, etc. then. Maybe there will be a crash. Maybe there will be a correction. Maybe there will be a plateau. Maybe it will be tomorrow and maybe it will be in 5 years. You just never know.

If you're hesitant, rent a place month-to-month and only if you find what you think is a good deal. Don't get emotionally swayed to think "I have to get in the market or I'll miss out!" Seattle (last time you looked at the population growth numbers) gets a lot of Bay Area residents moving there. That *may* have an insulating effect on prices based on them appearing relatively cheap. And it will take a huge correction before Bay Area homes come back to "affordable". So Seattle can continue to look like a bargain even in a Bay Area correction.

Just my two cents...

[Account Closed]

I second what @Andrew Johnson said

[Account Closed]

My worry would be the fact that you said you have no cash to work with. Meaning no equity if there was a correction in the time you lived there to act as a buffer, and negative cashflow if you have to rent it out to avoid selling at a loss. No way out if the market goes south. I don't think the market will crash in the next 5 years because of the techies flooding in from SF. However, I do think the low hanging fruit is gone. It will be hard to buy a property below market if you don't have cash to work with. Of course I'm an amateur investor, so I'm not claiming to be an expert. It's just my opinion. I will tell you I bought a duplex in Burien in December 2013 and it has almost doubled in value. It's a tough call.

[Riley Kuranishi]

Hi @Steve Lee ,

Feel free to message me sometime. I work with quite a few investors in the area and would be happy to give you any advice or answer any questions you might have. There are definitely still deals to be had.

Welcome to the area!