Those in the market to sell their homes for the highest price are coming to reality. That reality is that buyers are not going to pay now what they did a couple of years ago for a property. The good news is that this works for people looking to buy a home in the greater Seattle area. A new report from Redfin said prices have come down to offset rising mortgage rates.
In Seattle, 1 in 4 homes for sale cost less than they would have a year ago. That is big news. The recent Redfin report shows housing prices are starting to come down. Some are saying that now is the best time to buy. According to a new Redfin report, home prices are falling fastest in pandemic boomtowns and expensive coastal markets like Seattle.
A snap shot at the big picture is telling. Nationwide, median home prices fell 3.3%. That stat shows the biggest annual decline in a decade. Redfin shows the median home price in Seattle is $740,000. That is nearly double the national median. Prices falling does not mean homes are cheap.
Sellers may be coming to a realization that top dollar wont be happening. According to Redfin’s analysis, in Seattle, 23.6% of homes for sale have lower monthly housing payments than they would have a year ago. Redfin notes home prices are coming down to offset rising mortgage rates.
Right now, homes are staying on the market anywhere from 50 to 70 days. However, lowering the price sells the property fast. Still, some homeowners are hesitant to sell. It is reported that interest rates are slowly starting to improve. However, those that was qualified for a $1 million home a year ago only qualifies for a $800,000 home.
