We’re buying a house.
The real estate market in Seattle has finally started to stabilize
this summer. Though we hadn’t been paying particularly close
attention, all of a sudden we started noticing “For Sale”
signs. Online, we found that more and more houses were staying on the
market longer—and even dropping in price.
The significance of this may not be obvious to those who’ve not
experienced the recent urban real estate bubbles. The past several
years have brought a steady stream of reports on the ever
rising home prices in New York, San Francisco, and Boston. As recently
as this spring, when two separate friends each bought condos, bidding
wars were the norm here in Seattle: you saw a place, you wrote an
escalation clause, you crossed your fingers.
Now, with the subprime mortgage bust to thank (?), all that’s
changed. We actually have time to look at places a second, third,
fourth time. Our realtor gets calls back from selling agents anxiously
inquiring whether we liked their properties. We can be picky and watch
prices slip as we we walk away.
Buying a home is stressful (more about that later), but one of the
pleasures of the whole process has been reaching a long-term
milestone. I’d started putting money aside for a down payment years
ago, thinking that someday I’d be in a position to get into the
market. The pennies piled up, I got on with my life. And now that the
opportunity presents itself, we’re ready. How awesome is that?