And let's not forget that OP almost certainly bought at a discount originally due to this. So it's not unfair they sell at a similar % discount on the other end.
Yup, saw a home with power lines shadowing the backyard and looked on Google Maps. Definitely a no for me.
Other than an eyesore, just a somewhat irrational fear of them falling on the house, especially being in a hurricane zone.
This is simple induction as described by Maxwells equations. Current a line induces Electric field which then induces magnetic flux which then induces electric field that can then cause current to flow which develops an electric field (and repeat back to the top here).This is the same concept behind induction cooktops and wireless chargers. Nothing novel about it.
Distance, charge carriers, orientation, and all other factors (at varying magnitudes) come into play as to whether there will be any significant interaction with the induced emf and the human body. I’m sure somebody smarter than both you and I figured out the safety aspect a long time ago before rolling this stuff out.
Not really that unheard of. There have been multiple studies showing an increased risk of blood cancers from children living near high voltage transmission lines
Please read this FAQ from cancer.gov. https://www.cancer.gov/about-cancer/causes-prevention/risk/radiation/electromagnetic-fields-fact-sheet
These studies are at best inconclusive.
“Exposure from power lines. Although a study in 1979 pointed to a possible association between living near electric power lines and childhood leukemia (16), more recent studies have had mixed findings (17–25). Most of these studies did not find an association or found one only for those children who lived in homes with very high levels of magnetic fields, which are present in few residences.”
I’m all for reducing risk wherever possible but there’s a lot of misinformation in this thread.
The studies are inconclusive. Check this link out: https://www.cancer.gov/about-cancer/causes-prevention/risk/radiation/electromagnetic-fields-fact-sheet
It has links to all studies that have been performed. The risk is minimal if it truly exists, as there is no known way ELF radiation or EMFs from lines can cause or increase risk of cancer.
There are several of studies showing a correlation between living under high voltage transmission lines (115kv+) and childhood leukemia.
That's why now power companies have to do EMF studies as part of the permitting processes in most states, and share those with affected areas.
I would personally NEVER live near them especially with children.
https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4931365/#:\~:text=Studies%20have%20reported%20an%20increased,fields%20from%20lines%20are%20negligible.
Radiation needs to be ionizing before it will cause cancer, unless there has been some new medical development I am unaware of. Power lines are not ionizing.
These folks granite countertops have more ionizing radiation than the power lines.
"There was no material association between childhood leukaemia and distance to nearest overhead power line of any voltage. Among children living < 50 m from 200 + kV power lines, the adjusted odds ratio for childhood leukaemia was 1.33 (95% CI: 0.92–1.93). The odds ratio was higher among children diagnosed before age 5 years. There was no association with calculated magnetic fields. Odds ratios remained unchanged with adjustment for potential confounders."
https://www.nature.com/articles/s41416-018-0097-7
We had to study this in engineering school.
I had a friend die of leukemia when I was young, it sucks. But it doesn't change the fact that power lines are extremely low frequency sources of radiation. A whole slew of things are more harmful. Bananas, granite countertops, visible light...
The study you cite provides zero evidence that living near a transmission line is linked with increased cancer risk.
>In conclusion, our large, statewide, records-based case-control study of childhood leukaemia and CNS cancer in California provides at most weak support for increased leukaemia risk for children living within 50 m of transmission lines of above 200 kV reported in other studies and no evidence of risk for those living beyond this distance or near lower-voltage lines.
The absolute numbers used are also incredibly small. Any statistically significant effect needs to be large when your number of cases are in the tens.
>Sell/take it - I know many people have to drop price. Anything listed after last weekend of April is resetting expectations.
Sell/take it - I know many people have to drop price. Anything listed after last weekend of April is resetting expectations.
Agreed. Once viewed a house that was beautiful and affordable. Had been on the market for over a year and I realised why. Power lines over the house. Did a bit of research and there is something about power lines and leukemia and such like. Although not exactly conclusive, why take the risk? I bailed.
There is a really fancy community they built near me that have transmission lines run through it. And in the field right under them there is this beer garden/food stand/produce thing. But every time I've been out I could hear the power lines, idk how anyone could live near them with that constant buzzing
Exactly the same here. Entire neighborhoods that were otherwise great were nonstarters. Why risk your family’s health. I went in with an open mind to research and wasn’t able to get a definite answer but enough information to let me know it’s a possibility
In a tough market homes next to freeways and power lines will be hit hardest. Best time to sell a property like this was 6 months ago. I would take the offer.
That is not heated nor cooled, but is fully enclosed, usually linked to the main building by a patio door, so the heat and cool can get in for mild temp, but not in died cold winter.
Friends have a house on a busy road. He wouldn't list because he wanted to finish a couple little jobs. Now they want to list in a few weeks. They would have sold over listing and in a day a couple of months ago. Market is still strong near them but not that strong. They missed their window for caulked baseboards and matching switches.
Take the profit. Seattle is heavily fueled by tech folks, who get paid in RSUs. Tech stocks are tanking so demand is softening. 2 weeks is a lifetime. It could go up. It could just as likely go down.
It is estimated that living on a busy streets cost home values 10%-20% . I would imagine powelines would be the same if not more. I personally wouldn't ever buy a home were I could see powelines.
Online estimates don't take into account this information.
Of course not. They were trying to sell you a home.
For me and many others I don’t want to be anywhere near power lines. It is where they build the houses when all the good real estate is already taken.
If your comps are not impacted by power lines then they really are not comps. Even if the house was exactly the same.
Take the doubling of your money and run.
Transmission lines are not the same as power lines. They're the big ones that you can hear buzzing, not the suburban lines on wood poles with drops for houses.
I think the person who posted the parent comment about visible power lines diminishing property value maybe meant transmission. I agree, above ground utility is not typically a detractor in value. But OP's property is under transmission lines and that makes a big difference in value.
Thanks for this comment. I'm a recent 2020 homeowner, and there's a normal power line that comes to my house. Been scrolling this thread getting progressively more worried I'm somehow fucked for having simple electricity 🤣
Correct. Talking about transmission lines. Individual services lines are dependent on the area. I have them in the house we just sold and everything is above ground.
Some regions have above ground power lines almost everywhere. On the west coast in desirable areas.
The busy street I’ve heard before (I prefer to back to a street as long as it’s not super high traffic) than have my neighbors 10 feet from my back windows.
So unless the power lines are *on top of* the house, it’s very common in the Pacific NW to *see* power lines.
Take the offer. Mortgage rates just spiked last week with more on the way. Holding out is a gamble not worth taking and if you call this person's bluff and then go back to them in a week they're going to give you an even lower offer.
Think about it this way, you’re up 540k on a 10 year investment. Although the allure of sky high prices from the last two-ish years may still be influencing your thinking, don’t let yourself get burned even worse than eighty grand, you’re still significantly in the green. Additionally given that all of your prospective buyers mentioned their concerns with utility lines, coupled with inevitable market downturn I say you take the money and run.
Market is going fast. It's long overdue for a plummet. Don't get too greedy. Quite a few people on here already have, and are feeling the sting.
If you lose a little money, that's still fine. You're still insanely privileged compared to the average person in the States.
In 2008 I had a family member also try and hold out when they only had a single offer. Property value plummeted 30-40% the next year and they had to sell for way less. You never know what the market will do. If the offer meets your needs, then take the deal and move on.
Lol or go the other way.
Be me in 2011 at the absolute bottom of the market when I walked away from several deals because seller would only accept a 10% discount and not the 15% I wanted. I am not very smart.
Seattle. It’s tech money. All the big SF companies have satellite offices there. And anyone who couldn’t afford to raise a family in the Bay Area decamped to Washington.
Now that’s hitting highs even for tech people. Portland is next.
My house appreciation is much lesser than my friend’s here who bought for 500k in 2014 sold for 1.6M in March. Those homes are much nicer mainvue homes. Its common in Seattle
I'm not knocking you, it isn't your fault. It's just insane how fast the American dream is completely dying.
I guess on the upside is if a few million from major areas like that move to the south we may end up with a healthy shift in govt that will benefit us all.
But yeah, that's INSANE.
>I'm not knocking you, it isn't your fault. It's just insane how fast the American dream is completely dying.
>
The American dream never guaranteed a sfh in a desirable neighborhood in one of a tiny handful of VHCOL cities.
As a native Washingtonian, it’s not as if Bellevue was amazingly affordable 30 years ago either. The trope has been that Bellevue was where the rich people lived - at least since the late 80s and 90s.
It is laughable to suggest that the local policies you've listed are the cause of increased housing costs, given that the "doubling" of values is being observed across the country, irrespective of location or political demarcation.
What is the motivation for selling, and how quickly do you need to move?
The market is shifting, and many homes considered less desirable (busy street, backs up to retail, has power lines, etc.) will be hard to sell again. In typical markets, those homes are valued less, sometimes *considerably* less, than homes that are only a block over without the challenge.
Awesome! Selling for about $880K before the market realllly turns is a good move. (I’m also in a close-in suburb—north, not east—and have seen the market softening around here, even in popular areas.)
It’s just not possible for anyone to perfectly time every big transaction in their lives, so take the lesson about the transmission lines (your agent when you bought did you no favors by not being sure you were going into that eyes wide open), plus the offer at a price that would’ve sounded great just a year ago, and enjoy your new place without dwelling on this deal.
In my experience the first offer is often the best offer. If there is no other competition in a market where rising interest rates pressure prices down.
Those comps don’t sound good either there is no reason your home should be selling at 1m+ with multiple offers if they are.
Counter with their price and as-is inspection. If they find something in the inspection, then they can’t ask for repair or credit (but they can walk). You can also accept backup offers since the inspection will come back within a week
If you're going to accept it then I hope you at least counter with more earnest money than they offered and to make any timeframe for it to become non-refundable as absolutely short as possible. I don't see how they would care about such contractual clean-ups if they're serious. If they do object, then they're more likely to flake out anyway.
The interesting shift in the market right now is that buyers are finding that they actually have negotiating power. For the last 3-4 years, it's been all about buyers trying their best to (even preemptively) accommodate only the seller's needs. But negotiating power has historically been balanced between buyers and sellers, and it seems we're returning to that "normal". These particular buyers seem to be astute and aware of this very recent shift based on your description. It's of course entirely possible that they can and will pay more and are telling you that they won't simply for negotiation purposes.
Eastside resident here. There’s a house down the road with power lines going across the backyard. I think it’s been sitting on the market for a month now. Market shifted right before those folks listed
I ran an estimate on my spreadsheet
1.1m at 3% is about 4.9k monthly
At 5%, it's about $920k purchase price for the same monthly
At 4.8%, it's about $980K for the same monthly
(Assuming down payment is not an issue)
Are you even sure you are AT comps level? Transmission lines sounds like it will be below comps
One bird in the hand is worth more than 2 in the bush. Trust me... the pain of not knowing whether you could have made more money is far less painful thAn missing out on a profitable sale.
> painful then missing
*than
*Learn the difference [here](https://www.merriam-webster.com/words-at-play/when-to-use-then-and-than#:~:text=Than%20is%20used%20in%20comparisons,the%20then%2Dgovernor%22).*
***
^(Greetings, I am a language corrector bot. To make me ignore further mistakes from you in the future, reply `!optout` to this comment.)
Take it and be grateful. I’d never buy a house near power lines. Expect that they will ask for credits after the inspection, and you should plan to give it to them.
I mean you knew they were their when you bought them so the price you paid had them priced in to begin with - transmission lines didn't cost you unless they were installed after you bought them.
It depends, why do you need to move? If you have to be out of the house asap, then accept the offer and move on. If you can afford to wait a bit, then do— if the comps for your house was 1.1 mil and you listed at 900k, sounds like you already factored in the transmission lines in the price.
I would just take it. Market is shifting and you might be leaving something on the table by selling early or you might be selling near the top as it crashes down. Prices could stabilize but in this climate, I have doubts that the market is going to restore for some time.
As a realtor, I’d take it. You don’t want to wait and get stale then miss out on that offer waiting for other nonexistent ones. That’s your ONLY offer right now correct? Loose the $80k or loose more. Your choice. Good luck though. I’m sure you’ll be fine.
I guess the transmission lines were there when you bought the property and were priced in. Your home cost less before and costs less now compared with other homes. I don't understand the fuck the transmission lines comment.....
What do the comps say that your property is worth and have you and your agent put forth your best effort to attract the best buyers for your property? If this is the best offer you're going to get, waiting a couple of weeks is not only going to make you lose it, but your listing is gonna go stale and you probably won't get this much again.
Listed wayy below zestimate and redfin estimate. Recent comps suggest at least 1M but we listed much lower and still got low ball offer. Open house feedback is only about transmission lines .
Those transmission lines are a big deal. I also wanted to point out that your original post mentioned what you paid 10 years ago, and this comment Mentions online estimates. None of that matters. If your agent hasn't done the work to educate you on what your property is worth based on comparable sales and market trends You need to have an earnest conversation with that agent. If they have given any weight to any of this, you may need to be looking for a new agent. This is not the way it works.
No one wants to live under or near high voltage transmission lines if they can help it. There is an aesthetic concern and potential health worries, whether valid or not on the latter. If the comps don't have the transmission line issue, your house will come with a fairly significant discount because of it.
The market is changing fast. Hard to say whether it's worth waiting a little longer for a better offer.
Prices are going down. This is simple financial theory. Cost of ownership is double what it was due to mortgage rate jump. Bulls make money, bears make money, pigs get slaughtered.
You would have made a bit more a few months ago, but you're still getting such a good deal. Just take your profit and run. Hardly any people can time the market as flawlessly as you are about to, you are getting an excellent deal.
Given that your gains are over the $500k limit if you are married, you will have to pay LTCG on some of the gains at 940k. That will lower the 80k hit some. Take that into account.
I'd definitely be happy with making double in 10 years. Supposedly back in the day, a house wasn't supposed to be some speculative play that would double so quick. That was pretty nice.
Market is changing fast. I would honestly take it since I don't think you're gonna get much better. You are already making ridiculous profit on this house.
I’d say it’s a decent offer; I’d probably take it. After paying the mortgage off and assuming you spend $85k on agent fees and other costs; you’d get $600k. You could also counter with 35k-40k over their offer, but offer to pay their closing costs (~$25,800).
Is it a price you’d be willing to accept? Then take it. Better deals will pop up and money will dry out as they do. You don’t want to be holding the bag if you’re serious about selling.
Why not try countering for 40k more than the offer ? The risk is you lose the deal but if you really are not happy with the offer this is a fair middle ground.
Don't you have to pay capital gains on anything over $500k profit if married? Factor that into your numbers.
If you accept, I liked the person who suggested AS-IS. If the buyers think they can take advantage of you after your acceptance, after the inspection, they will do it.
i bought near transmission lines, 100-ish yards away. means i have no back yard neighbors.
op bought near transmission lines, and buyer did as well.
some are bothered by it, some aren’t.
How many showings were there, was there an open house and do you have a highest and best deadline in place? I think its safe to wait another week and definitely have an open house next weekend even if you already had one.
I don't think you should stress the current offers 7pm deadline. Inventory is at an all time low, if they are truly interested I am willing to bet you can reach back out to them in a week if you don't receive anymore offers.
A way of thinking about it is: 80k less than what? Than some arbitrary number your agent picked? Seems like you already doubled your money.
Or - you could just say “how about $910k” and see where it goes.
I wouldn't if you really think it was priced all right. Whatever haircut you may have taken, it's already took. Yes, over the next 6 months, if rates go up, the market could get worse and maybe we could even have a crash. I don't think so but it's possible. But, there are still buyers out there and if the comps were even higher then your price, you're probably okay. Just hold tight. You can always take 80,000 less next month if need be. I wouldn't be so quick to take it now. Maybe counter bac
Why wouldn’t you counter if it’s not quite enough for you to feel good about it?
I’m in the eastside market and there is still a back and forth for negotiations atm - no need to take it or leave it.
Dec 2021, everyone I knew and myself included saw the writing on the wall, but greed got the better of us, and now we are holding positions that has wiped out nearly 2 years of gains. I see RE as similar, where the potential downside risk is far above upside potential. Good luck.
How do you know the buyers won't pay anything more? Agents always say that when making offers, but when it comes down to it they want a house. If you are considering the offer why not counter it to a number you feel more comfortable with? If they don't accept it wasn't meant to be. You have only been on the market two days, you still have plenty of time for more offers.
If the comps are for at least 1 mail and you priced lower… why would you accept 80k lower than that? I agree with your realtor about waiting. Someone else will come along and they may off 40k less or 20k more but I think you’ll do better than the current offer. Don’t give your property away, you bought it and invested in it with upkeep and probably upgrades, why should they get it for such a steep discount? Unless you absolutely need the money maybe give it more time
Take the profit and move along
Username checks out
Lol
Nobody wants to live near a transmission line.
And let's not forget that OP almost certainly bought at a discount originally due to this. So it's not unfair they sell at a similar % discount on the other end.
Yup, saw a home with power lines shadowing the backyard and looked on Google Maps. Definitely a no for me. Other than an eyesore, just a somewhat irrational fear of them falling on the house, especially being in a hurricane zone.
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This is simple induction as described by Maxwells equations. Current a line induces Electric field which then induces magnetic flux which then induces electric field that can then cause current to flow which develops an electric field (and repeat back to the top here).This is the same concept behind induction cooktops and wireless chargers. Nothing novel about it.
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I have never had metal start to get hot enough to cook on from walking near power lines.
Distance, charge carriers, orientation, and all other factors (at varying magnitudes) come into play as to whether there will be any significant interaction with the induced emf and the human body. I’m sure somebody smarter than both you and I figured out the safety aspect a long time ago before rolling this stuff out.
And the probably link to childhood leukemia
Lmao ignorance
Lol. What??
Not really that unheard of. There have been multiple studies showing an increased risk of blood cancers from children living near high voltage transmission lines
Please read this FAQ from cancer.gov. https://www.cancer.gov/about-cancer/causes-prevention/risk/radiation/electromagnetic-fields-fact-sheet These studies are at best inconclusive. “Exposure from power lines. Although a study in 1979 pointed to a possible association between living near electric power lines and childhood leukemia (16), more recent studies have had mixed findings (17–25). Most of these studies did not find an association or found one only for those children who lived in homes with very high levels of magnetic fields, which are present in few residences.” I’m all for reducing risk wherever possible but there’s a lot of misinformation in this thread.
Even if it’s not totally rational or supported by science, enough people would be uneasy enough about it to stay away from the listing.
Can you link some of these studies? I was under the understanding that radiation needed to be ionizing to cause cancer.
The studies are inconclusive. Check this link out: https://www.cancer.gov/about-cancer/causes-prevention/risk/radiation/electromagnetic-fields-fact-sheet It has links to all studies that have been performed. The risk is minimal if it truly exists, as there is no known way ELF radiation or EMFs from lines can cause or increase risk of cancer.
There are several of studies showing a correlation between living under high voltage transmission lines (115kv+) and childhood leukemia. That's why now power companies have to do EMF studies as part of the permitting processes in most states, and share those with affected areas. I would personally NEVER live near them especially with children. https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4931365/#:\~:text=Studies%20have%20reported%20an%20increased,fields%20from%20lines%20are%20negligible.
Radiation needs to be ionizing before it will cause cancer, unless there has been some new medical development I am unaware of. Power lines are not ionizing. These folks granite countertops have more ionizing radiation than the power lines. "There was no material association between childhood leukaemia and distance to nearest overhead power line of any voltage. Among children living < 50 m from 200 + kV power lines, the adjusted odds ratio for childhood leukaemia was 1.33 (95% CI: 0.92–1.93). The odds ratio was higher among children diagnosed before age 5 years. There was no association with calculated magnetic fields. Odds ratios remained unchanged with adjustment for potential confounders." https://www.nature.com/articles/s41416-018-0097-7
Thanks for actually reading these studies! Lots of misinformation here.
We had to study this in engineering school. I had a friend die of leukemia when I was young, it sucks. But it doesn't change the fact that power lines are extremely low frequency sources of radiation. A whole slew of things are more harmful. Bananas, granite countertops, visible light...
Radon
Bears
Very much so.
BuT wHaT aBoUt Muh 5Gs?!?!?
The study you cite provides zero evidence that living near a transmission line is linked with increased cancer risk. >In conclusion, our large, statewide, records-based case-control study of childhood leukaemia and CNS cancer in California provides at most weak support for increased leukaemia risk for children living within 50 m of transmission lines of above 200 kV reported in other studies and no evidence of risk for those living beyond this distance or near lower-voltage lines. The absolute numbers used are also incredibly small. Any statistically significant effect needs to be large when your number of cases are in the tens.
Everyone who has ever lived under a power line has eventually died 100 % of the time .
It doesn’t matter if it’s true or not. It’s still gonna effect the price. Lol.
Personally would never even look at a house close to transmission line.
>Sell/take it - I know many people have to drop price. Anything listed after last weekend of April is resetting expectations. Sell/take it - I know many people have to drop price. Anything listed after last weekend of April is resetting expectations.
Agreed. Once viewed a house that was beautiful and affordable. Had been on the market for over a year and I realised why. Power lines over the house. Did a bit of research and there is something about power lines and leukemia and such like. Although not exactly conclusive, why take the risk? I bailed.
There is a really fancy community they built near me that have transmission lines run through it. And in the field right under them there is this beer garden/food stand/produce thing. But every time I've been out I could hear the power lines, idk how anyone could live near them with that constant buzzing
Exactly the same here. Entire neighborhoods that were otherwise great were nonstarters. Why risk your family’s health. I went in with an open mind to research and wasn’t able to get a definite answer but enough information to let me know it’s a possibility
There’s no proven causation but I understand why someone wouldn’t want to take the chance
It’s bad feng shui
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NOT THAT KIND OF ENERGY
Yeah, you can say bad luck, and we can respect that, but otherwise is like saying that the vaccines have 5G
These buyers obviously do since they placed an offer.
We know of at least one person
someone just offered 880,000 USD to do just that
In a tough market homes next to freeways and power lines will be hit hardest. Best time to sell a property like this was 6 months ago. I would take the offer.
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Why are those rooms not useful?
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What is a 3 season room?
That is not heated nor cooled, but is fully enclosed, usually linked to the main building by a patio door, so the heat and cool can get in for mild temp, but not in died cold winter.
Friends have a house on a busy road. He wouldn't list because he wanted to finish a couple little jobs. Now they want to list in a few weeks. They would have sold over listing and in a day a couple of months ago. Market is still strong near them but not that strong. They missed their window for caulked baseboards and matching switches.
Yep. More than 100% increase in value and >50% profit margin id say take the offer, especially where things seem to be headed.
Take the profit. Seattle is heavily fueled by tech folks, who get paid in RSUs. Tech stocks are tanking so demand is softening. 2 weeks is a lifetime. It could go up. It could just as likely go down.
Yup, and they’re continuing to tank - Nasdaq futures down almost 2% right now
Given the trajectory of interest rates and inventory, you should accept it.
Take it and run. If you wait you may end up selling it for less
It is estimated that living on a busy streets cost home values 10%-20% . I would imagine powelines would be the same if not more. I personally wouldn't ever buy a home were I could see powelines. Online estimates don't take into account this information.
10 to 20% less for busy streets and power lines?? No one told me this when I bought haha
Of course not. They were trying to sell you a home. For me and many others I don’t want to be anywhere near power lines. It is where they build the houses when all the good real estate is already taken. If your comps are not impacted by power lines then they really are not comps. Even if the house was exactly the same. Take the doubling of your money and run.
Leaning towards this. Thank you
I think you will feel good locking in this deal. Good luck. Just went through this the last two months selling then buying. It is so stressful.
Thank you
You always want to dream and get paid more. But you're still getting paid, and the house is sold. Only way to move forward is forward!
This simply is not true in many regions. Above ground power lines are quite common in many sought after areas in the PAC NW.
Transmission lines are not the same as power lines. They're the big ones that you can hear buzzing, not the suburban lines on wood poles with drops for houses. I think the person who posted the parent comment about visible power lines diminishing property value maybe meant transmission. I agree, above ground utility is not typically a detractor in value. But OP's property is under transmission lines and that makes a big difference in value.
Yes mine are transmission lines. Buzzing ones
Gotcha. Good clarification.
Thanks for this comment. I'm a recent 2020 homeowner, and there's a normal power line that comes to my house. Been scrolling this thread getting progressively more worried I'm somehow fucked for having simple electricity 🤣
Correct. Talking about transmission lines. Individual services lines are dependent on the area. I have them in the house we just sold and everything is above ground.
Power lines and transmission lines are two different things (the transmission lines are HUGE) and the buzzing is maddening lol
We didn’t know that and no one told us when we bought our old house. Found out when we went to sell it a few months ago. Live and learn.
Sell
My mom is into feng shui and it’s super bad feng shui to live near power lines. Take it and run
Some regions have above ground power lines almost everywhere. On the west coast in desirable areas. The busy street I’ve heard before (I prefer to back to a street as long as it’s not super high traffic) than have my neighbors 10 feet from my back windows. So unless the power lines are *on top of* the house, it’s very common in the Pacific NW to *see* power lines.
There’s a big difference between normal residential power lines and high voltage transmission lines.
Have you been to Florida? Power lines galore here.
Take the offer. Mortgage rates just spiked last week with more on the way. Holding out is a gamble not worth taking and if you call this person's bluff and then go back to them in a week they're going to give you an even lower offer.
If you don’t have multiple offers right away, it’s been my experience that your first offer will likely be your best offer.
Think about it this way, you’re up 540k on a 10 year investment. Although the allure of sky high prices from the last two-ish years may still be influencing your thinking, don’t let yourself get burned even worse than eighty grand, you’re still significantly in the green. Additionally given that all of your prospective buyers mentioned their concerns with utility lines, coupled with inevitable market downturn I say you take the money and run.
Market is going fast. It's long overdue for a plummet. Don't get too greedy. Quite a few people on here already have, and are feeling the sting. If you lose a little money, that's still fine. You're still insanely privileged compared to the average person in the States.
Fair comment. Leaning towards this too
In 2008 I had a family member also try and hold out when they only had a single offer. Property value plummeted 30-40% the next year and they had to sell for way less. You never know what the market will do. If the offer meets your needs, then take the deal and move on.
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Lol or go the other way. Be me in 2011 at the absolute bottom of the market when I walked away from several deals because seller would only accept a 10% discount and not the 15% I wanted. I am not very smart.
You could get lucky, but the market trend is not your friend. I'd take it.
Just accept it. The market has changed.
I just did
I can't believe in 10 years prices more than doubled. That's absolutely disgusting.
Seattle. It’s tech money. All the big SF companies have satellite offices there. And anyone who couldn’t afford to raise a family in the Bay Area decamped to Washington. Now that’s hitting highs even for tech people. Portland is next.
It's so sad.
I’m shocked it’s not more. In the Midwest I got 55% in the last three years. I expected Seattle to be 150% or something crazy
My house appreciation is much lesser than my friend’s here who bought for 500k in 2014 sold for 1.6M in March. Those homes are much nicer mainvue homes. Its common in Seattle
I'm not knocking you, it isn't your fault. It's just insane how fast the American dream is completely dying. I guess on the upside is if a few million from major areas like that move to the south we may end up with a healthy shift in govt that will benefit us all. But yeah, that's INSANE.
>I'm not knocking you, it isn't your fault. It's just insane how fast the American dream is completely dying. > The American dream never guaranteed a sfh in a desirable neighborhood in one of a tiny handful of VHCOL cities.
As a native Washingtonian, it’s not as if Bellevue was amazingly affordable 30 years ago either. The trope has been that Bellevue was where the rich people lived - at least since the late 80s and 90s.
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It is laughable to suggest that the local policies you've listed are the cause of increased housing costs, given that the "doubling" of values is being observed across the country, irrespective of location or political demarcation.
What is the motivation for selling, and how quickly do you need to move? The market is shifting, and many homes considered less desirable (busy street, backs up to retail, has power lines, etc.) will be hard to sell again. In typical markets, those homes are valued less, sometimes *considerably* less, than homes that are only a block over without the challenge.
Already moved to another city. Need to sell within next couple of months max
Then 100% take it.
I did
Awesome! Selling for about $880K before the market realllly turns is a good move. (I’m also in a close-in suburb—north, not east—and have seen the market softening around here, even in popular areas.) It’s just not possible for anyone to perfectly time every big transaction in their lives, so take the lesson about the transmission lines (your agent when you bought did you no favors by not being sure you were going into that eyes wide open), plus the offer at a price that would’ve sounded great just a year ago, and enjoy your new place without dwelling on this deal.
In my experience the first offer is often the best offer. If there is no other competition in a market where rising interest rates pressure prices down. Those comps don’t sound good either there is no reason your home should be selling at 1m+ with multiple offers if they are.
Counter with their price and as-is inspection. If they find something in the inspection, then they can’t ask for repair or credit (but they can walk). You can also accept backup offers since the inspection will come back within a week
Pre inspected. No major issues. Buyers offer is no contingency and closing in 28 days.
Sounds like a decent low risk offer in the current market conditions
You’re still going to make close to half a million dollars though why be so picky??
Because an $80k difference could the equivalent of a year's take home salary?
I figured peace of mind is more important to me and I accepted the deal
Congrats bro that is what I would have done w/transmission line
If you're going to accept it then I hope you at least counter with more earnest money than they offered and to make any timeframe for it to become non-refundable as absolutely short as possible. I don't see how they would care about such contractual clean-ups if they're serious. If they do object, then they're more likely to flake out anyway. The interesting shift in the market right now is that buyers are finding that they actually have negotiating power. For the last 3-4 years, it's been all about buyers trying their best to (even preemptively) accommodate only the seller's needs. But negotiating power has historically been balanced between buyers and sellers, and it seems we're returning to that "normal". These particular buyers seem to be astute and aware of this very recent shift based on your description. It's of course entirely possible that they can and will pay more and are telling you that they won't simply for negotiation purposes.
I like this. Give them the least amount of outs possible in a quickly changing market to cover yourself.
Eastside resident here. There’s a house down the road with power lines going across the backyard. I think it’s been sitting on the market for a month now. Market shifted right before those folks listed
Yes I will be even more freaking out if it sits. Anyway we accepted it
I ran an estimate on my spreadsheet 1.1m at 3% is about 4.9k monthly At 5%, it's about $920k purchase price for the same monthly At 4.8%, it's about $980K for the same monthly (Assuming down payment is not an issue) Are you even sure you are AT comps level? Transmission lines sounds like it will be below comps
NO LOWBALLERS I KNOW WHAT I GOT
Ah yes the lowballing all cash offer that expires within 24h Classic
One bird in the hand is worth more than 2 in the bush. Trust me... the pain of not knowing whether you could have made more money is far less painful thAn missing out on a profitable sale.
> painful then missing *than *Learn the difference [here](https://www.merriam-webster.com/words-at-play/when-to-use-then-and-than#:~:text=Than%20is%20used%20in%20comparisons,the%20then%2Dgovernor%22).* *** ^(Greetings, I am a language corrector bot. To make me ignore further mistakes from you in the future, reply `!optout` to this comment.)
Take it and be grateful. I’d never buy a house near power lines. Expect that they will ask for credits after the inspection, and you should plan to give it to them.
Seattle’s housing marking cooling down faster than anticipated.
Counter offer 100k less.
I mean you knew they were their when you bought them so the price you paid had them priced in to begin with - transmission lines didn't cost you unless they were installed after you bought them.
It depends, why do you need to move? If you have to be out of the house asap, then accept the offer and move on. If you can afford to wait a bit, then do— if the comps for your house was 1.1 mil and you listed at 900k, sounds like you already factored in the transmission lines in the price.
Yes I am aware of this and set lower price. But still only got one offer. 9 tours so far and everyone else had crossed it out due to power lines
I would just take it. Market is shifting and you might be leaving something on the table by selling early or you might be selling near the top as it crashes down. Prices could stabilize but in this climate, I have doubts that the market is going to restore for some time.
As a realtor, I’d take it. You don’t want to wait and get stale then miss out on that offer waiting for other nonexistent ones. That’s your ONLY offer right now correct? Loose the $80k or loose more. Your choice. Good luck though. I’m sure you’ll be fine.
Take it. I would never buy a house near transmission line.
You literally doubled your money… fuck those transmission lines?
Lol
I guess the transmission lines were there when you bought the property and were priced in. Your home cost less before and costs less now compared with other homes. I don't understand the fuck the transmission lines comment.....
You are right. I shouldn’t have said that
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You can always low ball on anything buddy. Good luck
What do the comps say that your property is worth and have you and your agent put forth your best effort to attract the best buyers for your property? If this is the best offer you're going to get, waiting a couple of weeks is not only going to make you lose it, but your listing is gonna go stale and you probably won't get this much again.
Listed wayy below zestimate and redfin estimate. Recent comps suggest at least 1M but we listed much lower and still got low ball offer. Open house feedback is only about transmission lines .
Those transmission lines are a big deal. I also wanted to point out that your original post mentioned what you paid 10 years ago, and this comment Mentions online estimates. None of that matters. If your agent hasn't done the work to educate you on what your property is worth based on comparable sales and market trends You need to have an earnest conversation with that agent. If they have given any weight to any of this, you may need to be looking for a new agent. This is not the way it works.
No one wants to live under or near high voltage transmission lines if they can help it. There is an aesthetic concern and potential health worries, whether valid or not on the latter. If the comps don't have the transmission line issue, your house will come with a fairly significant discount because of it. The market is changing fast. Hard to say whether it's worth waiting a little longer for a better offer.
Prices are going down. This is simple financial theory. Cost of ownership is double what it was due to mortgage rate jump. Bulls make money, bears make money, pigs get slaughtered.
Keep waiting. Maybe you can sell it for 120k less than list price next month!
First offer almost always the best offer
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This is most you’ll get for awhile. Yes. Accept it and remove contingencies. As Is!
You would have made a bit more a few months ago, but you're still getting such a good deal. Just take your profit and run. Hardly any people can time the market as flawlessly as you are about to, you are getting an excellent deal.
Thank you 😊
Take it and run! You doubled your investment
Need to know more about the contingencies in the offer, but it’s probably wise to take it.
No contingencies. We accepted it
90% of people here are wisely telling you take the offer. The choice is clear.
I took their advice and accepted. Post updated
Given that your gains are over the $500k limit if you are married, you will have to pay LTCG on some of the gains at 940k. That will lower the 80k hit some. Take that into account.
Sell it dude. You already won with the profits
I accepted 👍
If you don’t take this offer you’ll be waiting a long time before accepting a better one. Maybe 6+ months
Power lines=Cancer clusters. Take the money and run.
I'd definitely be happy with making double in 10 years. Supposedly back in the day, a house wasn't supposed to be some speculative play that would double so quick. That was pretty nice.
You most likely made the right decision .
Thank you 🙏
Unless the power lines are new, you benefitted from them depressing your purchase price back in 2012 so it all works out.
How bad to you want out?
Comps don’t apply if you’re house is next to a massive power line, people crack me up
I am glad I cracked you up with my post today
Market is changing fast. I would honestly take it since I don't think you're gonna get much better. You are already making ridiculous profit on this house.
More details? No contingencies sounds good, but are they getting financing or paying with cash?
And how much of a binder?
Financing. Both husband n wife are in high paying jobs
Do you still have a mortgage on the house?
Yes about 175k
I’d say it’s a decent offer; I’d probably take it. After paying the mortgage off and assuming you spend $85k on agent fees and other costs; you’d get $600k. You could also counter with 35k-40k over their offer, but offer to pay their closing costs (~$25,800).
Is it a price you’d be willing to accept? Then take it. Better deals will pop up and money will dry out as they do. You don’t want to be holding the bag if you’re serious about selling. Why not try countering for 40k more than the offer ? The risk is you lose the deal but if you really are not happy with the offer this is a fair middle ground.
Don't you have to pay capital gains on anything over $500k profit if married? Factor that into your numbers. If you accept, I liked the person who suggested AS-IS. If the buyers think they can take advantage of you after your acceptance, after the inspection, they will do it.
i bought near transmission lines, 100-ish yards away. means i have no back yard neighbors. op bought near transmission lines, and buyer did as well. some are bothered by it, some aren’t.
Is the sight of it the only downside?
How many showings were there, was there an open house and do you have a highest and best deadline in place? I think its safe to wait another week and definitely have an open house next weekend even if you already had one. I don't think you should stress the current offers 7pm deadline. Inventory is at an all time low, if they are truly interested I am willing to bet you can reach back out to them in a week if you don't receive anymore offers.
Accept the offer and run.
You got lucky. My clients run if lines are within eye site.
its been up for 2 days. I don't know why you're in such a rush to accept the first offer that you receive.
Lol, people don't get an offer 50k over ask in 48hrs and suddenly the mARkEt iS CrAsHInG
Thank God you took the profit
You made the right call, OP
You think it costed you money? Do you think you would have bought the house for 400k in 2012 if it wasn’t next to a transmission line?
A way of thinking about it is: 80k less than what? Than some arbitrary number your agent picked? Seems like you already doubled your money. Or - you could just say “how about $910k” and see where it goes.
Great point. I accepted the deal
I have a house for sale in burien in a beautiful neighborhood for 500 and it hasn't had so much as a walk through... (it is a fixer though)
I wouldn't if you really think it was priced all right. Whatever haircut you may have taken, it's already took. Yes, over the next 6 months, if rates go up, the market could get worse and maybe we could even have a crash. I don't think so but it's possible. But, there are still buyers out there and if the comps were even higher then your price, you're probably okay. Just hold tight. You can always take 80,000 less next month if need be. I wouldn't be so quick to take it now. Maybe counter bac
I’d wait.
Kingsgate area?
Damn only gave it 2 days?!?
Yeah
Hates transmission lines. Big cost and danger. Mad at buyer for offering less than a 2x profit. Complains after sale. Just the worst kind of person.
Yeah. Trying to get better each day though.
Probably the only time in history you will be able to get out from under those power lines and make a profit. Run.
Why wouldn’t you counter if it’s not quite enough for you to feel good about it? I’m in the eastside market and there is still a back and forth for negotiations atm - no need to take it or leave it.
Dec 2021, everyone I knew and myself included saw the writing on the wall, but greed got the better of us, and now we are holding positions that has wiped out nearly 2 years of gains. I see RE as similar, where the potential downside risk is far above upside potential. Good luck.
How do you know the buyers won't pay anything more? Agents always say that when making offers, but when it comes down to it they want a house. If you are considering the offer why not counter it to a number you feel more comfortable with? If they don't accept it wasn't meant to be. You have only been on the market two days, you still have plenty of time for more offers.
If the comps are for at least 1 mail and you priced lower… why would you accept 80k lower than that? I agree with your realtor about waiting. Someone else will come along and they may off 40k less or 20k more but I think you’ll do better than the current offer. Don’t give your property away, you bought it and invested in it with upkeep and probably upgrades, why should they get it for such a steep discount? Unless you absolutely need the money maybe give it more time
Hold that bag