Seattle Real Estate Boom

[Henry Y.]

I feel the Seattle area real-estate (including King/Snohomish county) prices has gone up faster than I have ever seen before; the early spring allow so many home buyers to go out to shop and the overall economy and jobless rate has been the lowest (in this area there hasn't been too big of a problem) but the fear of raising interest rate get people to go shopping for houses.  Combined with a low inventory I think we are seeing the highest housing prices ever in this area.  What are the best strategies for flippers/buy-and-hold in this kind of market?  I am really curious how folks in the Bay Area and LA or other areas in the country cope with their rapid raise in housing prices.