SEATTLE (AP) — Seattle’s days as a real estate market where homes attract multiple bids are slowing down.
The Seattle Times reports at one point last year, 92 percent of homes sold in the city featured multiple bidders.
In November, just 21 percent of city homes sold had multiple bidders, according to Redfin, a real estate brokerage firm.
That’s the lowest rate since the company began tracking in 2011.
In February, Seattle led the nation in sales with more than one bidder. Seattle now has the lowest rate of bidding wars among cities tracked by Redfin.
The change is giving buyers better terms and time to think over their possible purchase.
The cooling of the market is attributed to several factors, including flat rents and less investment money from buyers in China.