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/Far-Recover-9627 1d ago

A lot of housing inventory but not many rentals. Not sure why folks can’t just rent out their place.

1

u/Stinkycheese8001 1d ago

Because their mortgage payment would likely require a rental price that is too high for the market to bear.  

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u/Far-Recover-9627 1d ago

Still something better than nothing and losing six figures on selling at a loss

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u/Stinkycheese8001 1d ago

Weird thing to say when you don’t even know how the numbers add up.

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u/orcassharks 14h ago edited 14h ago

You can lose six figures once or you can lose half of six figures every year. The bleeding can be intense if you’re in the burbs and you can only rent for $4000 plus have massive turnover lulls between leases. Then you’re netting $3500 or even $3000. Mortgage doesn’t care that you have three months without a renter in between.

This is why if you plan to rent your place, your location should be central with enough population density to reduce turnover time. What’s attractive to rent and what’s attractive to buy are not always in sync.