https://www.bloomberg.com/news/articles/2022-07-01/will-home-prices-fall-sudden-housing-turn-has-sellers-paring-expectations

OMG, house went up 50%, and now they have to take a $200k haircut.

$550k >> $1100k >>$900k

Doesn’t sound like a giveaway

The turn in the US housing market has been sharp and swift. Just ask Karlyn and Jack Stenhjem, would-be downsizers who dropped the asking price for their home near Seattle by almost $100,000 since May.

The brick Everett, Washington, house, with private access to lakes and trails, is now available for $899,000, a price that makes Karlyn Stenhjem “cringe.”

“Two months ago our house was valued at $1.1 million on Zillow,” she said.

The Stenhjems are up against the clock. They’re already paying rent on a one-story home they plan to move to. Jack Stenhjem is 87 and Karlyn’s not much younger, and the stairs in their old house are getting harder to manage. 

The price cut has gotten a couple buyers interested but now they’re wondering whether to make some improvements to the house because so many competing properties have been updated, Karlyn said. 

“It would be nice to make enough on this home in case we live to 100,” she said. “We’re giving away our house at this price.”

Source link