The Hunt
They Caught the Seattle Market on the Way Down, but Could They Afford a House There?
After watching houses around them sell for ‘insane amounts over ask’ during the height of the pandemic, two North Carolina transplants tested their savings in the leafy neighborhoods of North Seattle. Here’s what they found.
Lauren Held and Kyle Frederick didn’t think they could afford to own a home anytime soon, especially in Seattle’s pricey housing market.
Dr. Held, 35, a clinical pharmacist who works as a medical science liaison in hematology, and Mr. Frederick, 34, an accountant, had been renting a house in Phinney Ridge, a lakeside neighborhood in north central Seattle. They liked the area, but last year, as houses around them began to sell for “insane amounts over ask,” as Dr. Held put it, they figured they would have to move.
“It seemed way too competitive, with way too much tech money all around us,” she said.
Over the summer, though, Mr. Frederick began to notice that some listings were sitting on the market for long stretches, often with price reductions. Home prices were cooling quickly in the Seattle metro area, with rising borrowing rates dampening demand and pushing the median home price down from $820,000 in March 2022 to about $760,000 in September, according to Redfin data.
So the couple, both North Carolina natives, started casually hunting for a house to buy, hoping something would work out. They contacted Katy Roberts, a broker with Compass, and tried to settle on a budget.
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“The market was softening,” Ms. Roberts said. “But we were still seeing multiple offers.”
They wanted to stay in north Seattle, preferably in an area like Phinney Ridge. “We were living in a neighborhood that was great for walkability,” Dr. Held said. “There’s a lake called Green lake. That was kind of our cutoff point.”
They settled on a budget of about $1 million, and Ms. Roberts was able to show them several homes in that range — although she warned them they might have to go a bit higher. The pandemic market was cooling, but homes in north Seattle were still going for over asking price. “A few homes they were interested in received multiple offers,” she said, “and sold for 10 to 15 percent over list price.”
Among their options:
No. 1
Three-Bedroom With Two Fireplaces
This 2,210-square-foot house from 1941 was in Whittier Heights, the neighborhood next to Phinney Ridge. It had three bedrooms and two bathrooms, fireplaces in the living room and the lower-level family room, a kitchen with updated stainless steel appliances (but no dishwasher), a covered back porch and a spacious backyard abutting an apartment building. The asking price was $899,900.
No. 2
Updated Midcentury Modern
This four-bedroom, two-bathroom house was about 1,800 square feet, with a recently updated roof, windows and siding. The kitchen was mostly in its original state from the 1950s, and the living room offered an elevated view of the North Beach/Blue Ridge neighborhood, which was just northwest of Whittier Heights. The lower level had a wet-bar area, and the backyard had a stone patio. The asking price was $995,000.
No. 3
Craftsman-Style With New Roof
This three-bedroom, two-bathroom house from 1909 was in Wallingford, farther inland. At 2,360 square feet, it was the largest of the three options, although it sat on a slightly smaller lot. The house had a new roof, a new water heater and a new furnace, as well as a fenced backyard with a patio, and a sunlit kitchen. The lower level was finished, although the ceilings were low. The asking price was $1.05 million.
Find out what happened next by answering these two questions:
Which Would You Choose?
Three-Bedroom With Two Fireplaces
Updated Midcentury Modern
Craftsman-Style With New Roof
Which Did They Buy?
Three-Bedroom With Two Fireplaces
Updated Midcentury Modern
Craftsman-Style With New Roof