Local homebuyers facing serious competition

SEATTLE — The area’s hot housing market means there are not enough homes to go around.

People are bidding over asking price and competing with multiple offers.

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With prices rising, buyers are feeling the heat.

According to the Northwest Multiple Listing Service, the median single-family home in King County last month sold for almost $870,000. That’s nearly a 30% jump from the same time last year.

With multiple offers on a home, listing agents say they’re trying to help by doing their own pre-inspections.

“The interest is so high. Half the problem is so many want to do inspections in a home and there’s only so much time in a day. So, we want to put these people in a good position to where they can get that information they need,” Alee Heider with Compass said.

Buyers are waiving contingencies and even throwing in a month or two of free rent to sweeten the deal.

“It’s been bananas. Obviously, the last 18 months has been like no other market I’ve ever seen,” Rich Hunt from Home Trust Financial said.

With historically low interest rates, lenders are also keeping busy. But Hunt has this advice for potential buyers.

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“It is tough here. You want to get prequalified. You want to have a good solid offer. You want to work with the right team. Sellers want the confidence going into it that you’re going to be able to close and that’s what’s most important,” said Hunt.

Experts say the outlook is getting a little better since more homes will come on the market in the summer. But it’s still not enough, which means buyers are heading farther north, south and east to find homes.

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