Quote:
Originally Posted by Topspinmo
IMO Can demand all you want but seller don’t have Agree or take offer, which could so of that percentage. Also Desperately wanting to get rid of property IMO usually when get property under valued. Good example neighbor died and kids wanted rid of property fast so they unvalued it 40K to sell quickly. Which it did in less than month. What does this do? decrease value of homes in that area.
|
Quote:
Originally Posted by Marmaduke
Exactly! We have homes on our street and in our neighborhood that are already listed too low, and are dropping by 40 grand at the influence of their realtors.
The skuttlebutt from neighbors
mock them as being crazy for expecting to find a buyer "at that price."
Granted, it's a Buyers Market, but people are panicing and dropping the price, (instead of by $1000), by 35 and 40 grand, hurting our values, maybe for years to come.
|
I think this dynamic is a constant in a 55+. (i.e. community made up largely of old people) development, and is probably as accurate a measure of whether the market is a "buyer's" or "seller's" market.
When people die and leave their estate with a home in TV, you get an instant read on the marketability of that property. The heirs don't want to hold the property and pay the maintenance costs of ownership, so they want to sell ASAP. Hence, they learn immediately the real value, in that moment, of the property.
In the Spring of 2021 they'd have had no problem fetching a good price. Lots of buyers looking for homes in TV, relative to the supply.
Now, in the summer of 2025 it's a different world.
The real value isn't determined by someone putting their home on the market with no urgency to sell. It is determined by the number of people with property who need to sell, or desire to sell quickly. That's "today's" market.