Real estate reporter Mike Rosenberg answers questions about Seattle’s red-hot housing market, in which rents are at record highs and it seems every home sale comes with a grueling bidding war.
Updated 1:35 p.m.: We’re all out of time, but you can see the answers here. If yours wasn’t answered, don’t despair; we’ll try to do another of these in a few months, and meanwhile, you might find the information you seek in our extensive coverage of real estate in this area.
Rents are at record highs — $2,000 for the average two-bedroom. Home prices are rising faster than anywhere in the country, by far. Bidding wars for homes are so grueling that many buyers are giving up. Uninhabitable homes are selling for about half a million dollars. The cheapest apartment you can get is a parking space-size studio for $750 a month.
Depending on your perspective, this is either a great time to get rich on the market or a really depressing time to make ends meet.
I wrote about both ends of the spectrum in Sunday’s Seattle Times, following the sale of one West Seattle home from list to close, and it ended in a way that made me realize home-shoppers here have even less power than I thought.
Thanks and good luck out there.