New listings were at an all-time high this week giving buyers more options to choose from. The high number of options combined with the likely fact that the high-roller buyers have already bought a home this season, meant interest in some of the homes for sale was muted and we’re seeing more and more price reductions from sellers who tried to be greedy.
For us the biggest surprise was that a $650k condo we wrote an offer on at Queen Anne High only had one offer, ours! We had been expecting 3-5 offers and that it’d escalate into the low $700s. Another home we looked at and our client almost offered on, was a 3 bedroom home at $625k in Ravenna, and it went past its offer review date without accepting an offer. Instead that client wrote an offer on a home listed at $575k in Ravenna that had 3 offers and went for $630-635k.