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From a realtor:" {! P% Q2 Y8 Y& w9 V( U
I 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.
9 t" A& K2 e C: {1 J9 r" ^; `The 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.
% M- _0 W3 ^& J6 D9 sWe find a lot of houses that are built during the boom have unrealistic prices, houses built from 2006-2007/2008.( f N! S; w% w
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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.
6 a; ]: R$ U; D7 O- G% C! b/ AMy wife and I have gone to many house viewings thst have been in the msrket for 6 months to over a year this month.
V+ ?- ?; v& l8 p2 Dask 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).# o$ G( o2 m; O6 s1 D
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