What’s in store for 2012? I think we can assume that 80% or more of the listings are going to come on the market priced at least 10% to 20% too high over the next 4-6 months.
The banks aren’t pushing defaulters, and the elective sellers aren’t going to give it away.
But sellers have been like that for a while now – heck, it’s another example of how market conditions are fairly normal, or at least they aren’t radically out of kilter. Mortgages are available at the most attractive rates ever, buyers are using healthy down payments, and the inventory is tight.
There is no problem with the demand – it’s just the price:
Price can fix anything. That doesn’t mean would be sellers won’t try everything else first.
Agreed, lowering the price is almost always the last resort – sellers will change realtors a couple of times before price.
It reminds me of the Realtor Facts of Life:
It’s always best to be…..
1. The first born child
2. The second spouse, and
3. The third realtor – because that’s when sellers start wondering about their price.
Happy New Year Dawg!
More gretchen blathering for those who are interested:
http://www.nytimes.com/2011/12/25/business/foreclosure-relief-dont-hold-your-breath-fair-game.html?_r=1&src=recg
There’s a brand-new home near me that has been for sale for a year. The builder is on his 2nd realtor now.
His newest idea is to offer a 2.5% interest rate (“end of year special”), but he increased the listing price nearly $20,000 in late November. I talked to his first Realtor who said he was adamant about not decreasing the price.
*Chuckle* Is it ironic that the street’s name is Icicle?
Love the bath fixtures – Porcher Sappho pedestal especially.
You hear people say “location, location, location” when talking about real estate but I think anyone who is in the real estate business will tell you it’s “price, price, price” because the worst location WILL sell at the right price but the best location won’t sale with the wrong price.