A record number of homes for sale have lowered their price. Here's how many sellers have slashed prices in Seattle.

[Yo_Mama_Been_Loggin]

High interest rates are weighing heavily on homebuyers, but they also are prompting a record number of sellers to drop their prices.

That's according to an analysis of pricing data from Redfin Corp., which found 20.8% of active listings nationally had a price drop in October.

In Seattle, 37% of active listings had a price drop in October.

-snip-

“Some sellers are pricing too high because they have FOMO (fear of missing out) after their neighbor’s house sold well over asking price two years ago,” said Seattle Redfin Premier agent Patrick Beringer. “While low inventory is driving some competition, and relatively affordable homes in popular neighborhoods are still selling fast, they’re getting two or three offers as opposed to 20 offers at the height of the market."

https://www.bizjournals.com/seattle/news/2023/11/21/mortgage-rates-spike-housing-price-drops.html

[Wonder Why]

1. Now they'll whine that they "lost" money.

I lost 20 cents last week. I found what I thought was a quarter but turned out to be a nickel.