Seattle Real Estate News

In addition to not having enough inventory for sale, the demand side is not helping either. King County's population has grown 26% and job growth of 28% which translates that people who are moving here  are financially well off to buy a house. It all adds up to people making a lot more money fighting over a lot fewer houses. Historically, the county had 1 home for sale for every 230 people. Now, there's one home available for every 1,060 people creating bidding war beyond what a home should be worth. 

Are we setting ourselves for another real estate market bubble? Most critics agree that there are not clear signs of another crash because the elements causing previous housing collapse i.e. rampant subprime lending and home owners over extending themselves with  a "liar (stated income) loan"  are not presence this time around. Lenders now are lending to people with good credit and full income and asset documentation. 

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