Looking to break into Seattle's intensely competitive real estate market? Be prepared to pay well over the asking price.

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More than 4,500 homes in the Seattle area have sold for at least $100,000 above the asking price so far in 2021, according to a recent report from Redfin. That figure dwarfs the number of homes that sold at such prices during the same period last year — about 400.

'I’ve never seen anything like this housing market,' Scott Petrich, a Seattle-based Redfin agent, said in the report.

In Seattle, 146 homes have sold for at least $300,000 above asking price so far this year. That’s up from just eight at this time last year. In nearby Bellevue, the number of homes selling for at least $300,000 above asking price jumped from two to 88.

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Meanwhile, the number of Seattle homes that have sold for between $100,000 and $299,99 above asking price is a staggering 4,078. That number was 362 at this time last year.

Petrich said wealthy employees at the city’s tech companies have the means to out-bid other buyers and often end up paying for homes well above asking price. That, in turn, increases prices across the market, he said.

“It’s fueled by employees of local tech companies like Amazon and Microsoft and companies with big offices in the area like Google and Facebook,” he said in the report. https://smallbrown.amebaownd.com/posts/20426057. “A lot of them didn’t want to work remotely during the pandemic in small apartments, and that pushed them to seek out large homes with office spaces. Most of those people have the money to compete with other buyers and drive up prices.”

Just over 6,300 Seattle homes have sold for between $25,000 and $99,999 above asking price, up from about 2,000 last year. The report said the incredible number of homes selling above asking price partly caused the median home price in Seattle to rise to a record $737,800 in May.

However, the report notes that, because homebuying and selling slowed during the pandemic last year, the year over year growth in Seattle’s median home price (26.1%) is somewhat exaggerated.

Apart from Seattle proper, suburbs east of the city saw the biggest jump in homes selling well above asking price. Bellevue topped the list in homes selling at least $300,000 above asking price (88, up from two). It was followed by Redmond (70, up from zero); Sammamish (54, up from one); Kirkland (46, up from two); and Issaquah (35, up from zero). The median sale price in all five Eastside cities topped $1 million in May

“I meet a lot of buyers dreaming of living over here because they see big homes listed at unrealistically low prices,” Petrich said. “But the reality is, people can’t get a home for the list price or even slightly over list price.”

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Because of this, the report advises prospecting homebuyers to seek homes below their budget and to ensure they have enough money in the bank to cover a low appraisal to make their offer standout.

“That may mean compromising by looking at smaller homes or considering a location with a longer commute,” Petrich said.

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The report also compared the number of homes selling for at least $100,000 above asking price in Seattle to other metros of a similar size. Seattle came in second on that list of 10 cities. Oakland in California took the top spot.

A new report from Seattle-based real estate brokerage Redfin found that 4,078 houses in the Seattle region sold this year for between $100,000 and $299,999 over asking price, compared to just 362 last year.

The data reflects the red-hot housing market, with record-low inventory creating intense bidding wars for homes. A typical home in Seattle has sold for $47,878 above asking price in 2021, compared to $3,025 in 2020. And this year 580 homes have sold for more than $300,000 above asking price, compared with 16 in the same time period last year.

The increase is fueled by employees at local tech companies, said Seattle-area Redfin agent Scott Petrich.

“A lot of them didn’t want to work remotely during the pandemic in small apartments, and that pushed them to seek out large homes with office spaces,” Petrich said in the report. “Most of those people have the money to compete with other buyers and drive up prices.”

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Seattle’s neighboring city Bellevue is seeing similar metrics, with 88 homes selling for more than $300,000 above asking price this year compared to only two in the same period in 2020. Redfin says it is hearing from agents that if a buyer isn’t bringing “two tech salaries” to the table it’s nearly impossible to have a chance in more competitive neighborhoods.

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In the report, Petrich advised buyers to seek homes below their budget to prepare for bidding wars.

“Because buyers almost always have to pay way above the asking price to win a home, they should start their search with homes below their budget and make sure they have money in the bank to cover a low appraisal to make their offer stand out,” Petrich said. “That may mean compromising by looking at smaller homes or considering a location with a longer commute.”

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Earn money online 15 year olds. Half of homes nationally are selling for more than their list price, according to a separate Redfin report.

Redfin has seen growth in response to the housing market boom. The publicly-traded real estate company saw a 40% revenue increase in its first quarter.