High demand, low inventory for homes in Seattle region as buyers brace for higher interest rates

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[PortTack]

1. Corporations across the country are buying up homes to rent

Zillow was one of them. Their plan was to flip, which didn’t go well to the tune of a billion dollar loss. They are putting them back on the market, but other corporations aren’t stopping. It drives prices for rent as well as inflated home prices.

[leftieNanner]

2. The Flipping Craze is destroying homes

We have considered moving to the Seattle area and I check new listings each day.

The flippers take a charming older cottage and put in crappy cheap fixtures and then expect to turn around and sell it for a $100,000 profit. They ruin the charm of these properties. Makes me sick.

Another problem is the people who buy homes with the intent to make them into VRBO properties. A friend of mine lives in a community that is often considered a vacation destination. Most of her neighbors have moved out, to be replaced by vacationers. She is planning to move too.