More on investors bouying the Seattle Real Estate Market

The Seattle Bubble blog pointed me at this article from Forbes listing Seattle as the best place in the US to flip a house. Anyone shopping for a house within twice the median price in Seattle isn’t surprised by this at all. I’d say at least 40% of the houses we looked at were houses that had been purchased within 12 months and had their prices multiplied between 1.5 and 2 when being re-listed. All praise be to RedFin for making it ever easier to find the flippers by actually listing sales history on their pages.

I won’t buy flipper houses on principle. Even if you like the flippers’ aesthetic, you can’t trust their commitment to quality. If you aren’t ever going to live in a home, you are going to be more than willing to cut any corners that a prospective buyer won’t notice immediately. I really didn’t feel like paying insane premiums for a fresh coat of paint and a cheap kitchen remodel.

Seattle Bubble has also pointed me at ReMuddle which takes joy at pointing out lame flipper houses. What is scary is how many of them we’ve toured or driven past in our searches.

2 Replies to “More on investors bouying the Seattle Real Estate Market”

  1. Funny — I was just talking with a Seattle banker about this. Of course, the context was different since I write about the bonds backing the mortgages….

  2. Funny — I was just talking with a Seattle banker about this. Of course, the context was different since I write about the bonds backing the mortgages….

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