From a realtor:( N$ C+ i+ n/ n0 }: e
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 G' ]( s" m6 Q9 o7 d3 ]' jThe 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. * `9 @# N7 [4 p( x7 c- r) CWe find a lot of houses that are built during the boom have unrealistic prices, houses built from 2006-2007/2008. ( Q. D# I- u3 ?' o/ w) ]: s% h5 ]....... 9 q! _# p' Y% L# k: uYou 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.: R4 u( R1 V+ V0 ]
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. [- a. Y- f0 B- n. Mask 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). . @8 u: \; X# U8 M; n: r; X