https://www.bloomberg.com/news/articles/2022-07-01/will-home…
Home Sellers Are Slashing Prices in Sudden Halt to Pandemic Boom
The rapid rise in mortgage rates is cooling demand, jolting markets from coast to coast.
The turn in the US housing market has been sharp and swift. Just ask Karlyn and Jack Stenhjem, would-be downsizers who dropped the asking price for their home near Seattle by almost $100,000 since May.
The brick Everett, Washington, house, with private access to lakes and trails, is now available for $899,000, a price that makes Karlyn Stenhjem “cringe.”
Home Sellers Are Slashing Prices in Sudden Halt to Pandemic Boom
Location, location, location. Our area is still seeing prices going up. Inventory is almost non-existent and rents continue to spike. I sold our rental end of March, the first in the neighborhood to sell for over $500K. In June, 3 more closed at over $600K, with $500K having been unimaginable just a couple of months earlier. A house 7 miles from our rental, in the neighborhood where we now live, listed for $519K and sold in June for $665K! Around here it’s about making sure to list it high enough, so someone doesn’t grab it cheaply. In Seattle, it’s probably about WFH reducing the need to live in a crazy expensive market and having raised prices too high to begin with.
Real estate trends are not easily extrapolated to a national level.
IP
1 Like