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From a realtor:
) ~' v) C& z$ e( h5 T+ C. [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.( Q1 x& x% X9 F) I8 i/ M2 h8 Q
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.# ]! L9 b$ E! I5 m% u0 V4 c
We find a lot of houses that are built during the boom have unrealistic prices, houses built from 2006-2007/2008.5 ^+ l: i1 p5 ]; d) R
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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.3 C5 G2 s6 g) @, i! q1 a
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.1 O9 K- [3 P m4 p( \( @) 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).3 C9 } L6 ]/ I! h; J7 i0 |
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