Seattle's population and home price growth are accelerating as more companies and jobseekers are drawn to the city's economic power. Yet, there are not enough homes to meet the incoming demand.
The city "seems to be defying all the laws of housing market trends," says Daren Blomquist, senior vice president at Attom Data Solutions. For homebuyers, this means pushing the limits of the time and money they are originally willing to invest. Kayela and Cody Robertson recently moved from Spokane to Seattle, and CNN reports it took seven offers before they were able to close on their new Seattle home. The offer was $140,000 over the list price, and required that they drop all contingencies. Even though the city is currently a seller's market, sellers are not always keen to sell, as finding a new home to move to is just as difficult.
If you're hoping to buy a home in Seattle, be prepared for rejection. A lot of it. Homes frequently sell for well over asking and receive multiple offers. "For buyers, we are typically making six to 10 offers before we get a house," said Rob McGarty, who has been a real estate agent in Seattle for 14 years. "The amount of emotional energy going into preparing these offers is huge." Home prices in Seattle are on fire: rising nearly 13 percent in February from the same time a year ago, according to the latest S&P CoreLogic Case-Shiller Indices.
