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From a realtor:; j+ `% R5 `) {! F" S/ T
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.! b/ K" Q$ u9 V% Z9 N, h
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.# `, I9 ^+ z* `5 X+ I; Y
We find a lot of houses that are built during the boom have unrealistic prices, houses built from 2006-2007/2008.1 u& l9 t8 |: z3 b R' b0 Y
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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.
; D; h$ Q, {! w- W8 TMy wife and I have gone to many house viewings thst have been in the msrket for 6 months to over a year this month.
% _7 M. n. |0 T3 I% }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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