Our economy has created a strange situation in Seattle’s real estate market. Many homes are under water and owners can’t afford to sell them; the housing market has fewer supplies than demand and has consequently become sellers’ market.
Some sellers intentionly ask lower prices to lure in the bids. The bidding game is thus begun and the housing market seems to undergo a slight recovery. Even with low interest rate, the buyer can’t afford to buy so instead he/she rents. The rental market therefore becomes hotter and hotter and rent goes higher and higher.
So what can you do when you can’t afford to buy or rent? What can you do when you can’t afford to sell or rent out? A lot of people are stuck. Some of them are forced back into their parents’ home; some must share housing and some must walk out of their homes. Families could become more connected under the circumstance. Meanwhile, Fannie Mae owns more and more homes and condos.