Quote:
Originally Posted by GregWeld
In my market -- and I'm trying to buy houses in Portland Oregon ($350K range) and Seattle Washington ($800K range) - the market is HOT...
Every house we've had interest in has gone pending before we can even think about making an offer. There are now BIDDING WARS going on with multiple offers and back up offers.
I have two friends here (Seattle) in the business. Art called yesterday to tell me about a house - and then said a house he just listed at 1.3 million - had FIVE full price offers and one offer at 1.4 million.
Remember that the list of LARGE companies that are doing well headquartered here in the Seattle area will blow your mind... it's just that people don't think about lowly Seattle as ANYONES headquarters for anything.... but it is. High pay - high quality jobs make high priced housing.
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Beware! The same thing was going on everywhere before the bubble.. IMO, thats a sure sign of one, where people drive up values in a frenzy.. they end up overvalued and crash down.. the PNW is a fad right now I believe.. a year from now it will crash, IMO.
Here in the midwest we have been stable, but declining still. We have not seen the bottom in housing, no way. But that won't stop new bubbles from forming elsewhere with these ultra low rates the Fed is holding.