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From a realtor:7 s) T+ e3 X. o4 Z9 E2 ?" M8 z3 H
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.
# d- b8 w' U, T4 B7 G: T: }. Y% mThe 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; |5 a" D4 n( pWe find a lot of houses that are built during the boom have unrealistic prices, houses built from 2006-2007/2008.6 W6 l* t) u! ~ \5 N8 v
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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.
* \7 r" }, f! X* l7 \My wife and I have gone to many house viewings thst have been in the msrket for 6 months to over a year this month.
T7 Z P" v$ J6 sask 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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