Landing a house in Seattle might require a hint of recklessness.
CNN Money reports that tight inventory and a wave of new residents have caused home prices to skyrocket in Seattle. It’s a seller’s market: Open houses can have as many as 100 people, with 15 to 20 of them making offers. Houses are on the market for an average of only 25 days.
Buyers are waiving inspections and appraisals and paying tens of thousands of dollars above list price.
"This is the craziest market I've seen," said Kyle Moss, a real estate agent with Redfin who was born and raised in Washington. "We have a sea of very, very well qualified buyers coupled with the lowest amount of homes for sale. It's a serious problem."