If you expected to buy a home in Seattle on the first try, you'll need to modify that expectation.
Competition has never been more fierce. There just aren't enough homes for sale.
Buyers, like Ellen Chan, are feeling it. She's looking for a home in Ballard.
"In Seattle, it's a little bit crazy," Chan said. "Bidding wars, about 10-20 offers on a house is very common."
Real estate agent Amy Onutz said the extreme sellers' market is taking a toll on buyers.
"It's brutal, that's the best way to describe it," Onutz said.
But for everybody who struggles, Onutz points to a client like Sne Shaw.
She helped him land the very first house he bid on in the red-hot Greenlake neighborhood, despite not offering the most money to buy it.
"Everyone we had talked to said they bid on three or four houses if they got one at all," Shaw said. "We were definitely surprised when we got it."
The highest bid for his house also included an inspection contingency. Shaw hired someone to do a pre-inspection, making his offer contingency free.
Onutz always recommends a pre-inspection, but they're expensive at $300-600 a pop.
"Have a slush fund for inspections," Onutz advised. "It's going to cost you to buy a house in this market."
Writing a personal letter to the sellers used to give buyers an edge. But realtors say nowadays everybody's doing that, so you need to do it too, just to stay in the running.
Not competing also gives you an advantage. Some experts suggest finding a house you like and making the homeowners an offer, even if the house isn't on the market.
That's what happened to Denise Declue.
"I was surprised that someone was trying to solicit my house," Declue said.
She's now considering selling.
If you're willing to do the research, foreclosures often offer less competition.
RealtyTrac reports there are nearly 6,500 foreclosures in the metro area. You'll likely avoid an intense bidding war for these homes.
If you do like a house, be prepared to move fast.
Cash is also still king; many people are losing out on homes because they can't compete with all cash offers. If you're not flush with cash, try putting down more earnest money. When you close, earnest money is returned and can then be used as your down payment.
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