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Real Talk: Don't Be Scared

Blog by Kristen Meyer | October 11th, 2017


Jacquelyn Phillips, Sweet Living Buyer’s Agent here. Recently Kristen brought to our attention an article that read “Dreams of owning a home are fading”. Throughout the article, the writer interviewed a few distraught 30-year-olds claiming it would take them 10 years to save up to buy a house in the Seattle area. One said they have been looking for two years and still haven’t been able to buy a house, and now prices are even higher than when they started.
To this I say these things:

1. Journalists typically only publish negative or outrageous stories.

2. My personal average price point for buyers is $485,000, not $725,000 as is the Seattle median. That must mean a good chunk of my clients are finding properties for well under $725,000. It is not impossible. Don’t let statistics scare you.

3. If it has taken you two years to buy a house, there must be one of two things going on:
You are just casually looking and are not a motivated buyer.  
You hired the wrong real estate broker. A good broker would set expectations from the beginning to prep you for this market, and educate you on what it takes to make a strong, winning offer. It matters who you choose to work with.

4. About 80% of the buyers I work with are under the age of 40 and have moderate incomes. A majority only have a 5% down payment and while, yes, many go through multiple offers and have to be resilient, they all have houses… they stuck with it.

5. Seattle is not the type of city that you can, as a 30-year-old, purchase your life long home.  Hardly any 30-year-old has the kind of down payment or salary to take on a mortgage that big. This is a stepping stone sort of city. You get a starter home, fix it up, earn equity over that time, sell 5-7 years down the line, and use the proceeds from that sale to move up to the higher price point. Making the investment now, to get to that future, long-term house is one big reason to buy a house right now.

6. Owning a home is not a fading dream. About 38 buyers have come to me this year to chase their dream, and 33 of them are now homeowners!  
I agree with these truths:
Prices continue rising.  
It is not easy to be a buyer in Seattle.  
Affordability is an issue.  
AND with good direction from a Real Estate broker (who should really care about your end goal) and realistic expectations, you WILL have a home to call your own.

If you're interested in learning more, contact me here: jacquelyn@sweetlivingseattle.com / 206-965-5932 or click here to tell me what you're looking for in a home.