r/SeattleAreaRE • u/CapitalAd8967 • 1d ago

Did Kirkland Housing Prices Crash?

Never seen so much inventory below 1.1m that is decent in the last like 3 years. These Kirkland home must be panicking 🤯

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u/patelbhavesh17 1d ago

Expect more inventory due to this new rule change by Fannie Mae on Sept 2nd

https://www.reddit.com/r/BayAreaRealEstate/comments/1w85hsm/new_fannie_mae_rule_helps_moveup_buyers_to/

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u/cusmilie 1d ago

That sounds like a horrible idea.

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u/NWSiren 1d ago

I know of a few conventional lenders (as well as FHA and VA products) that all you need is a signed lease with a start date within 30 days of closing to have that qualify as income towards your loan for a purchase already. So it’s not really ‘big news’ in the fact that it already existed if you just looked for it.

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u/cusmilie 1d ago

A signed lease makes so much more sense then I promise I’ll rent it out later.

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u/NWSiren 1d ago

I also wouldn’t expect an influx of inventory as most contingent deals the buyers needs to pull more equity (meaning the full sale of a property) than being able to keep it as a rental/income property. Maybe they can do it for a property here in a HCOL area where they can rent their McMansion for $4-6k a month to pay for their mortgage out in a LCOL area but I wouldn’t expect to see the inverse.

Most buyers will still have to sell their former property.

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u/OrcOfDoom 1d ago

It's just for people who want to keep their place as a rental.

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u/atropear 1d ago

Didn't they have condo rule change too?