It's a seller's market in Seattle, to the extent that some home receive anywhere from five to ten offers just in the first week.
When Kamal Jain tried to buy a home recently, there were multiple offers on the table, and he ultimately missed out on his dream home because another offer was higher than his - even though he was willing to pay much more than the seller accepted in the end.
Jain developed a new home buying tool, Faira. The site produces all the photography and includes an inspection, so sellers can post the houses themselves without a real estate agent. As buyers bid, the sellers evaluate in real time. Faira takes 0.5% of the winning bid as its fee.
So far, Faira has helped sell 70 homes in Washington state since the site has been running.