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From a realtor:
( j; ], t7 Z# s9 q5 W( t- lI get new listings/changed listings/price changes sent to me weekly. I can’t tell you how many have had “price reduced” on them. Houses that were priced 560+ are now going for 499K.
@5 W& y0 d8 |/ K" zThe inventory is a bit low, but a lot of the inventory that we are looking for (500k+) are really crappy houses. We know of a house that we’ve had our eye on for about a year and its been on the market for 5 years (vacant). A brand new build…that’s going from original asking price of 780K down to 650K. I can’t imagine the holding costs on this house (property taxes, utilities) for the 5 years.
& v+ p# g5 Y, j6 nWe find a lot of houses that are built during the boom have unrealistic prices, houses built from 2006-2007/2008.% T" w: R& p; B3 Q, i& H
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6 n1 d6 I9 z9 Z% f, }3 _You need to look at price history, not the Days on Market number. Many houses get relisted when they cant sell for the original asking price.
$ K: {8 M+ N0 R1 w! P( qMy wife and I have gone to many house viewings thst have been in the msrket for 6 months to over a year this month.
, P7 m u. y; V5 r1 i9 |# E' Wask your sales person for a price history. The ask/sell price stats are a complete lie. Any honest realtor will tell you that (like ours).
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