Redfin reports that they expect listing price drops to drive a surge in home sales this fall. There are a couple of issues driving their expectation.
Home sales have been below last year’s since November. Additionally, pricing is becoming more stable with July showing virtually flat pricing. Those factors have driven the market to a more balanced price negotiation point between buyers and sellers.
Additionally, 23.7% of homes listed in July had price reductions, compared to only 17.7% one year earlier. Price drops are happening more aggressively this year as both buyers and sellers are seeing a softer market than was expected.
Lake Chelan has an additional factor, with its tourist season taking a dramatic downturn every year after Labor Day weekend. It is a great time to make offers on homes at Lake Chelan. Think of it as the “Labor Day Sale.”