In today’s ultracompetitive local housing market, there are now more home-bidding wars than at any point this decade. The result? For the first time during the economic recovery, the majority of homes are selling for above the list price in Seattle and surrounding cities.
It’s an inescapable reality from West Seattle to the Eastside: A dozen or more families and investors may vie for the same house. Then an onslaught of offers pushes the bidding far above the list price, sometimes hundreds of thousands of dollars more. Whoever wins often has to plunk down huge, nonrefundable cash sums before even getting to inspect the property.
Bidding wars: Homebuyers fight to pay more for Seattle homes – Seattle Times
Seattle housing: Is it a bubble? – Seattle Times
Home price rises easing, but not in hot markets – USA Today
Remodel Spending by Zip Code – NAHB
Photo source: Seattle Times