In Seattle, The Rent Is Too Damn High
By Katie Herzog in Grist - The median home price in Seattle is now $535,000, a 19 percent increase since March 2014, and the market is so competitive that bidding wars are common. “I would say about 50 percent of homes are going over the asking price in the first week, and 16 percent are cash offers,” says longtime Seattle real estate agent Penny Bolton. “I just had a client who sold her house for a million-five. She paid $30,000 for it in the late ’70s, early ’80s.”
With numbers like that, it’s a good time to be a seller in Seattle. A buyer? Not so much. When asked what the market is like for his clients, realtor Christian Nossum says, “Just today I had a buyer win a situation where there were 33 other offers. They were lucky No. 34 and they had to pay over $150,000 more than the asking price. If that doesn’t show how crazy the market is, I don’t know what does.”