Yesterday, we reported on Redfin’s latest real estate stats, especially considering the Seattle area, which has an all-time record low number of homes for sale.

With the market so hot right now for sellers, we wondered just who is driving prices up and inventory down? The go-to gut reaction in Seattle seems to be to blame tech, especially Amazon’s growth (hey, we’re guilty of this, too), but in reality, there are a lot more international players in the Emerald City than we think.

International centers of entertainment and finance, like London, Sydney and New York, have long been subject to wealthy international buyers coming in and snagging real estate as investments, but Seattle is becoming more prone to this as well. As we continue to grow with a healthy economy and are considered a desirable West Coast destination, expect more foreign investment. At least, that’s what Redfin told us.

See our quick follow-up via email with Redfin broker Chad Pluid below, who helped shed some light on why Seattle’s real estate is so hot right now.

Can Redfin attribute the Seattle market housing shortage to tech buyers, primarily Amazon? We’re wondering how many homebuyers are indeed in the tech industry, specifically driven by Amazon’s growth.

Pluid: The shortage of homes for sale is due to a number of things. Seattle has seen a lot of new people moving to the city because of its strong economy and because it’s the most affordable major city on the West Coast. The city is attractive to international buyers, students, investors and people working in the tech industry.

You add that all together and that leads to the increasing demand. Adding to the low supply are hesitant sellers, who are worried that if they sell their homes they won’t be able to find a new place to live.

The number of homes being bought in cash is around 25 percent, according to King 5. Is that driven by tech clients?

CP: All cash buyers tend to be investors and international buyers mostly from Asia. Many international buyers purchase a home for their children attending college in Seattle. And we also see small-time developers with cash flow buying homes to tear down and rebuild as investments.

Tech buyers tend to cash out their stocks or use their bonuses as a down payment. They don’t usually pay for a home entirely with cash.

What are your thoughts about the market through summer? Any signs of buyers getting an edge any time in the next year?

CP: I don’t think so. I don’t see demand slowing, and I don’t see supply increasing to catch up with demand. We have seen the trend of low inventory and competition in the desirable neighborhoods for several years now – a trend that we all hope will change soon but is likely not to. Interest rates are very low, which is why we have so many buyers trying to get into a home and lock in a rate.

And with rising rents, renters are compelled to explore buying a home instead. In many cases, a mortgage payment is less expensive than some of the rents we’re seeing. As we head into the summer, prices and competitiveness might decrease due to normal real estate cycle, but it will remain a seller’s market for some time.