Quote:
Originally Posted by margaretmattson
Prices are all over the board. If you check the price history of a home, this tells the story. Many homes start with aggressive pricing then get reduced month after month. This is also true with new construction. If you are the first to buy in an area you pay full price. Months later, prices of homes remaining are slashed. In Denham and Dabney nearly 300 homes saw price reductions. Even with the price reductions, homes are still sitting. Will the developer reduce them further? This is one important aspect we would like to see before purchasing.
The theory that only undesirable homes get price reductions is no longer valid. Most are not buying feverishly. Both preowned and new are sitting on the market for months. This means prices eventually fall on most homes. We are waiting to see what the end of summer brings. Taking a FEW MONTHS to evaluate is not a big deal. Plenty of other things to keep us occupied. Right now, we are enjoying those.
Note: If you find a home where the seller is holding stubbornly to the price, check the price history. Look at the price the seller bought then add closing costs he will need to pay. Many cannot reduce the price without suffering a loss.
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The people who price smartly, sell quickly. The ones who don’t, dont. This is more true right now than it has been in some time. Many sellers still think it’s 2021 or 2022 where they can throw up an inflated price and still have a feeding frenzy. It’s not. House prices are depressed now from the peak in 2022. That’s reality. How long this continues, I don’t know. But I am getting good at seeing new listings and predicting whether the will sell relatively quickly or sit.
Stubborn ones MAY be people on the edge of losing money (bought at the peak in 2022 or thereafter), but some seem to have a number in their head and don’t want to drop it. I’m good either way. When I’m ready (hopefully sooner than later), I know what I’m targeting and what number should get it done. The good news is, if one house sells, there’s always another one that gets listed .
New houses? Don’t care, not interested in that area. But I do like to see the developer lower prices, because I firmly believe it has a ripple effect on re-sell prices.