Lets get some traffic in here
Hello everyone, these forums have been dead for a while now. Let's bring some energy back in here! I currently own a home but want to upgrade to a nicer house with a bigger yard but have had the worst time of it. I'm primarily looking in unincorporated KC around Lake Young. At first I was looking for land to build on but there's nothing available that isn't severely impacted by wetland buffers so now I'm looking for a house already built. This market has been hell for buyers and I've been outbid by buyers waiving everything, including inspections which I think is the stupidest thing to do. The last time I purchased in 9/2008 the market was on its way down and there was zero competition. It was so nice! Sure, I didn't get the best deal (housing prices dropped by a lot more afterwards) but not having to compete with other buyers turned out to be a godsend. If Bubble 2.0 bursts I may buy before the prices hit rock-bottom again just so I can have my pick of the properties again. 
Comments
Have you found anything? There seems to be more inventory popping up.
Seattle has been pretty much fully developed since the 50's, so you're going to have a hard time finding good vacant, level, build-able land in this city. Builders these days buy homes in poor condition (or sometimes in good condition) and tear them down to create the land they need. That means market value of build-able land in Seattle is the cost of the house in the lowest possible condition, so, most likely, at least $400k (neighborhood dependent)... plus demo costs.
I waived financing but not inspection. I just can't make myself do pre-inspections on homes- it sets bad precedent and encourages the behavior of buyers waiving inspection to get a home.
So just to update everyone I got a call from the listing agent a couple days ago telling me that my offer was accepted. 5 acres of vacant, raw forest land, just what I wanted. I close next week.
Not only that, I got a very good price on it even though there were five other offers for more.
This is what I had to do. Instead of using an agent I contacted the listing agent directly. I gave the agent all the info he needed such as my high FICO score, employment, proof of non-contingent funds, everything, so there was no doubt I was a qualified buyer.
Then we spoke in depth about land development so he knew that I was serious and knowledgeable in land development unlike most others that really have no idea what they're getting into.
Lastly, I made the agent a promise - if my offer was to be accepted, I would see it through and quickly.
Before placing the offer I researched the property studying the geography, soils, access, restrictions, encroachments and sensitive areas. I didn't have time to hire consultants to do it because I wanted a quick close so I did it myself. Armed with knowledge of wetlands and steep slopes I went to the property and did my own reconnaissance. No sensitive areas I could tell. None on neighboring properties as well. Also highly unlikely due to the elevation.
There was a previous buyer that dropped out. Fortunately they had done a septic feasibility and I got the results which showed the soil was good for septic.
My offer was 21K under list and I waived all feasibility contingencies. It helps that the Supreme Court Hirst decision has made land purchases a scary prospect. I told the agent that even if the county stops all permitting I'll still buy the lot. Well, guess what, King County Public Health told me that yes, they've put a moratorium on all septic permits that require a well. Doesn't matter, I've got patience and I'm 100% certain that in a few years this issue will be resolved and I can build my perfect house on my perfect lot.
I've never seen or heard of cash - no contingency offers before.
Have you arrived to Seattle yet? If so, what are your first impressions?
What is going to happen if there is more inventory this spring/summer?
I'm watching. I don't believe anything that is happening here until some normal-ish volume returns. Boston well Newton where I am moving from seems strong t his spring but not 10% up maybe 4-5. Not so much on until recently. Let's see April.
Just reading through this thread. As I've seen inventory picking up over the last weeks, I'm curious how your search is going? Have you found a place yet?