Photo by Julián Gentilezza on Unsplash
Dave Gallagher | Bellingham Herald
The steady drumbeat in local real estate recently is that inventory is tight and home prices keep rising. It appears some buyers have had enough.
While inventory remains tight, sales are solid and home prices continue to rise, price reductions are also increasing along with homes being pulled off the market. Between June 13-20, 52 price reductions were made on homes for sale across Whatcom County, including 23 price reductions in Bellingham, said Darin Stenvers, branch manager at John L. Scott’s Bellingham office, adding that this is up from earlier this year.
Another telling statistic: Of the homes that have come on the market within the last 30 days, 46 Whatcom County homes have been pulled off the market, including 10 in Bellingham. Newly listed homes get taken off the market for a variety of reasons, including being priced too high and not getting offers. It could also happen when a contingent offer on another house didn’t work out. Changes in interest rates can also be a factor, Stenvers said.
Read the rest of the article here.