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From a realtor:1 [* i1 k5 O- E U1 S- 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.
5 ~. Q0 a' w+ i# [2 W* T @( C, C" B- aThe 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.
: e( _7 u6 w1 }2 f. SWe find a lot of houses that are built during the boom have unrealistic prices, houses built from 2006-2007/2008.. G3 d v& X- D, ~5 t5 e
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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.
2 e. r, _* y3 ]% u: IMy wife and I have gone to many house viewings thst have been in the msrket for 6 months to over a year this month.9 t. e+ }% x2 b, Q' t5 g8 E+ j
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).
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