Why Are Area Home Prices So High?

A basic explanation for our soaring home prices in King County

There are a lot more people searching for homes, and far fewer homes available for them to buy, so the primary answer is: There just aren’t enough homes for sale.

The number of homes on the market is at a low point for records that date back to 2000, despite the big increase in population over that span.

King County had only about 2,000 homes (single-family and condo) for sale last month. During the average month of March over the last two decades, the region had more than 7,800 homes for sale — nearly four times as many.

Minors in title to real estate

ARE THERE PROBLEMS WITH MINORS IN TITLE?

There are times when a minor is in title to real estate. Maybe the deed from Mom & Dad says “Susan B. Jones, a minor.” Or, when she shows up to sign papers, the real estate broker notices the nanny who brought her in. Of course, a child can inherit property. The parents never intended for the child to own it so soon, but it happens.

Most of us know there may be a problem, but what is it, exactly? Can little Suzie even be in title? Can she convey or mortgage the property? How?