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Jun 08

Bidding Wars: Homebuyers fight to pay more for homes

Bidding wars: Homebuyers fight to pay more for Seattle homes

Bidding Sold5

Across the Seattle metro area, about 75% of home sellers have received multiple offers so far this year as reported by The Seattle Times.​ That’s pushed the majority of homes to sell above their list price, and has left many buyers frustrated and shellshocked by a process that’s often swift and secretive.


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.

The asking price starting to not really mean anything…

The Seattle metro area now sees a higher rate of bidding wars than any other high-priced market outside of the Bay Area, and the trend is growing. Across the region, about 75% of homes have received multiple offers so far this year, up from 55% four years ago.

The crowd of bidders helps push prices higher: Now, 56% of homes sell for more than the asking price — more than double the national average and up from 26% in Seattle four years prior.

The reason for all the high-stake auctions is simple: There are way more well-qualified buyers than homes for sale.

 

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