Seattle housing market one of the most competitive in the U.S.

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by ZAHID ARAB / KING 5 News

KING5.com

Posted on July 7, 2013 at 5:44 PM

Updated Sunday, Jul 7 at 6:00 PM

Low inventory and interest rates are why realtors call Seattle one of the most competitive housing markets in the country.

“Seattle is just crazy bonkers. Most of our listings are going in 30 days,” said Al Uyeno, a local realtor.

According to Uyeno, a declining unemployment rate of 5 percent and an uptick in hiring has increased the number of buyers in an already tight market.

“We’ve got Amazon, we’ve got Boeing, we’ve got Microsoft all hiring and all these people are coming here from out of state so they have to have some place to live,” said Uyeno.

According to the Northwest Listing Service, The median price of homes in Snohomish County is up 14 percent, and up 10 percent in both King and Pierce Counties.

“Good houses are disappearing instantly, you look at it one day online and say honey maybe we should look at this Sunday. By then, it’s already pending,” said Charles Harper, a home buyer.

Jeri Smith is showing an open house for a $1.1 million home in the Laurelhurst neighborhood. The property is expected to draw multiple bids. Many buyers are hoping to gain an edge by getting pre-inspections done earlier.

“Your goal is to make the cleanest offer without contingencies so it’s most desirable to the seller. They want to make sure they’re going to get a deal that’s going to close,” said Jeri Smith, a realtor.

Robert Landis is hopes to land a two-bedroom townhouse in Rainier Valley, but knows other competition may move in.

“I’m a little bit nervous about that. I’ve got all the paperwork, then go talk to my bank and we’ll see what happens,” he said.

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