What a difference a few months make. With the rise in interest rates and inflation, we have seen homes go from selling almost before the ground is broken for the sign, to now homes are sitting on the market for days, if not weeks. For example, according to Altos Research, one Seattle bedroom community, Sammamish, saw 37% of homes during the first week of June have a price reduction.
- Home sellers really need to re-think their expectations.
- The days of “multiple offers and waived inspections are behind us.”
- Active Listings up a whopping 59% from a year ago.
- Both pending sales (mutually accepted offers) and closed sales during May were down from a year ago.
- Rising interest rates coupled