An article from the Seattle Times reports that the Seattle housing market finished 2022 with a chill, as fewer people bought homes and prices stalled in one of America’s fastest-cooling markets. Home prices are still up from pre-pandemic levels, but have begun to decline or level off compared to this time last year. Cristina Ross gives her thoughts on the experiences buyers and sellers are having at the moment.
The result of this slower market means that buyers are no longer “making a faster decision on buying a house than you would [when buying] a pair of shoes,” said Windermere Abode agent Cristina Ross. As for sellers, they “have to work with those buyers,” said Ross.
According to Ross and other local agents, sellers have had to be more accommodating as the market has shifted. They put more effort in sprucing up their homes before listing, they slash their prices when homes linger on the market and they sometimes help buyers cover the cost of getting a lower rate from their lender. Those tactics are a marked change from earlier days of the pandemic.
“We’re going back to more give and take on both ends,” Ross said.
You can read more of the article on the Seattle Times website