Home on market for 7 weeks, tons of showings, zero offers
My home is listed north of Seattle in the Puget Sound region, and real estate here is typically pretty hot. But the day my house listed 7 weeks ago, everything fell off a cliff. Our price was very reasonable and supported by plenty of comps, but we've still lowered the price by nearly $100K already to get offers coming in.
Bupkis. Zilch.
I have had over a hundred buyers walk through this house in open houses and private showings, more than I ever had for any house I've owned. We get solid, positive feedback, and then almost every buyer says the same thing. "Yeah, I'm not ready to commit, just looking."
I'm not young, so I've been through this a few times, and never have I seen this many buyers collectively decide to do nothing. Is anyone else seeing this? How do you even get a realtor to take you to a private showing if you don't have a preapproval from a bank and the readiness to sign a contract that same day? Is this a new thing?
Pardon my panicked tones, but I'm getting pretty desperate to move out. My family has already moved, and I stayed behind to sell the house. I never expected to be here this long, and I'm starting to wonder if it would sell even if we cut the price in half (which I clearly cannot do, I have my own bills to pay).
For reference, my home is listed for just shy of $1.2M. In this area, there are currently 82 homes listed between $1.0M and $1.5M, and only 3 went pending last week. Some are dropping out of the market altogether and opting to rent them out.