The short answer: don’t cut the price automatically, and don’t reach for an incentive first. Figure out what’s stopping buyers, then pick the tool that fixes that problem.
Why listings are sitting
Most buyers aren’t skipping homes because they dislike them. They’re stuck on the payment. The 30-year mortgage rate is 7.40%, and more than one in five listings nationwide has taken a price cut. freddiemacmorningstar
The three counties I work in are moving at different speeds:
King: 4.3 months of inventory and about 29 days on market. Single-family is firmer than condos, which sit at 7.05 months. beyondwanorthendhomes
Snohomish: 3.5 months of inventory and about 26 days on market. beyondwa
Pierce: 3.3 months of inventory and about 26 days on market, with prices up about 3% from last year. beyondwabeyondwa
These county numbers tells you the weather, not what your house is doing. Your real competition is the handful of homes buyers are comparing yours against.
Diagnose first: what’s the objection?
“It costs too much.” Fix: price. A price cut changes where your home sits against competing listings, and it can drop you into a different search bracket (say, under $1 million).
“I don’t have enough cash to close.” Fix: a seller credit toward eligible buyer costs.
“I can’t afford the monthly payment.” Fix: a rate buydown, if the loan allows it.
“Nobody’s coming to see it.” That’s some combination of price, presentation, photos or exposure. No incentive fixes that.
A credit or buydown can’t rescue a home that’s priced above what comparable sales support.
The math (hypothetical, not a quote)
Say you list at $1,000,000 and the buyer puts 20% down, so the loan is $800,000 at 7.4%. Principal and interest only:
$20,000 price cut: the loan drops about $16,000, saving the buyer roughly $111 a month, permanently.
About $19,000 toward a seller-funded 2-1 buydown: the buyer pays around $1,047 less a month in year one and about $535 less in year two, then the full payment starts in year three.
The buydown makes a much bigger first-year difference, but it’s temporary, and the buyer still has to qualify at the full note rate. The price cut is smaller but lasts. Which one fits depends on what’s holding buyers back. Seller credits and buydowns are also subject to loan-program limits and lender approval, so confirm with the buyer’s lender before you offer one.
How I’d think about it by county
This is only a starting point. A fresh comparable market analysis decides it.
King County: price is often the lever, especially for condos. Buyers have the most choice here and the most room to negotiate.
Snohomish County: it’s tighter, so a payment-focused incentive can work well when your price is already supported.
Pierce County: demand is firmer. If the price is right and nothing is happening, look hard at presentation and exposure before cutting.
When waiting (holding status quo) is a strategy
Waiting is reasonable if you have evidence: strong second showings, a comparable home that just went pending, rising showing activity. “Waiting because cutting feels uncomfortable” isn’t a strategy.
What I check at day 21
New competing listings since you launched
Similar homes that went pending or sold, and what they sold for
Price cuts among your direct competitors
Showings, repeat showings and buyer feedback
Whether the objection is price, cash, payment or condition
Common questions
Should I cut the price after 21 days?
Not automatically. Twenty-one days is a good point to review the evidence, not a trigger.
Is a buydown better than a price cut?
Sometimes, for financed buyers who are payment-sensitive. Not if the price itself is the problem.
Will a price cut make buyers think something’s wrong?
Not usually. Price cuts are common right now. What matters is whether the new price makes your home competitive.
How much should I cut?
There’s no universal percentage. It depends on recent comparable sales and what’s competing with your home.
Can a seller pay for a buydown in Washington?
Often yes, but it has to fit the buyer’s loan program and lender requirements.
Is your listing past 21 days? Text me your address at 206-931-8706 and I’ll tell you which move fits your house.
© 2026 Fletch Newland Real Estate – Spire One Realty – Mount Lake Terrace, WA.
General information only, not financial or legal advice.
Sources: NWMLS data via Beyond Real Estate and Northend Homes (Oct 2026); Freddie Mac; Redfin.