Holding down the fort

Hardly a week that goes by that we don't get a letter from someone asking to buy our house. Sometimes they even send along a picture, in case we forgot where we live. In real estate parlance, this modest old bungalow, built about 1915, is now a "Historic Craftsman." There are tens of thousands of "Historic Crafstman" houses in Seattle, most with with pokey little rooms and kitchens that people like to remodel. Owning something so coveted should make me happy, but instead it feels creepy, like wolves at the door.  Not to mention, too reminiscent of the 2008 housing bubble.   

But they claim this is different. Seattle has the hottest real estate market in the country: low inventory, skyrocketing prices, high demand.  In terms of affordable housing, it's a nightmare for moderate income people. The cost of living in Seattle is 36% above the national average. Many long-time Seattlelites have had enough of this crowded and expensive city and are moving away.  But thousands of newcomers still flow in every month, attracted by good tech jobs and the Northwest lifestyle.

Most houses sell above the asking price so prospective buyers compete in bidding wars. Buyers also try to sell themselves to the seller with appealing letters. Begging to buy, in other words. The houses in desirable areas of town (even dumps) sell within hours.

All of this sounds humiliating and exhausting if you are looking for a house, which thankfully we are not.  At least not now.  I still have that dream house in he back of my mind: spacious but not huge, single level with an entertaining kitchen, large deck, master bedroom, real closets and a view of something other than houses.  But it isn't going to happen, at least not right now in Seattle.

In the meantime, our bungalow (excuse me, Historic Craftsman) is nice and the yard is a private paradise as the city springs up around us.  Still, driving around Seattle, I see the gorgeous view houses we could have bought for a song (relatively speaking) not that long ago. But I am practicing gratitude instead of coulda, woulda, shouda.  And when all is said and done, it not so much what you have, it's how you see it.

Hope you have a nice weekend.

Photo credit J.T.