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From a realtor:
! I' p- n6 ~5 B- [4 DI 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.
1 m, X$ p% `5 l s5 e7 e" YThe 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.
( i, r8 n1 y* `: W: { }We find a lot of houses that are built during the boom have unrealistic prices, houses built from 2006-2007/2008.
, M8 l3 R* y! s$ u2 u, o& c2 ~.......
( Z( j5 [4 b; xYou 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.
, X! i$ y; M0 s* {2 f+ WMy wife and I have gone to many house viewings thst have been in the msrket for 6 months to over a year this month.1 `; N& [" \. Q8 H* [" r6 E
ask 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).0 y% [0 M- y7 a& l: x) ]
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