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kleinbl00 · 2245 days ago · link · · parent · post: More than One in Four Home-Sellers Dropped their Price Last Month
A few fun facts: 1) Seattle is down 7% just for September. In August, prices year-over-year were up 15%. Redfin is now saying prices are up 7% year-over-year. 2) Mortgage rates are up 1.2 points since this time last year. Which doesn't seem like a lot until you realize that's like a 25% increase. 300 grand at 3.4 is $1330 a month for 30 years, or $488k. 300 grand at 4.6 is $1550 a month for 30 years, or $553k. For the payment to stay the same you need to borrow 40,000 less dollars. 3) Nominal income is down.
