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Amazing - the PDF with the reduction figures is eye opening.
Quote:
With so many dark clouds hanging over the housing market, experts recommend homeowners hold off putting their homes on the block unless they absolutely have to sell now. "If you are trying to be an opportunistic seller and you don't have to sell, there's no reason to have it on the market right now." says Shuman. "The demand is not there."
Read more: U.S. Housing Market Sees Price Cuts, Rising Inventory - TIME
Last edited by MikeyKid; 07-14-2010 at 12:33 PM..
Reason: Typo
In my town there are 422 houses listed on Trulia. 70 listed in the last 7 days. 126 of these have priced reductions. So take out the 70 and that leaves 126 out of 352.
Many of the price reduced have multiple reductions. Are that many sellers not facing reality or is it that hard to price correctly?
I see townhouses come on that are priced more than larger single family homes. I see tiny single family homes priced more than much larger homes in better condition. Always makes me shake my head.
In my town there are 422 houses listed on Trulia. 70 listed in the last 7 days. 126 of these have priced reductions. So take out the 70 and that leaves 126 out of 352.
Many of the price reduced have multiple reductions. Are that many sellers not facing reality or is it that hard to price correctly?
I see townhouses come on that are priced more than larger single family homes. I see tiny single family homes priced more than much larger homes in better condition. Always makes me shake my head.
We've had to reduce a few times. Not because we're out of touch, but because of other factors. Our area has been hit very hard by short sales/foreclosures. They have a rolling effect on our market. Another wave...prices drop again.
Many sellers are hanging on by their fingernails trying to capture the last of the big money run-up from several years ago before the bottom "really" falls out in the next year or so. In the 2 housing booms that I have lived through reality set in quick & the market found its bottom in an orderly manner......these days, not so much. I suspect that with so much debt & expectations of making a massive killing on home sales sellers are hanging on to the bitter end.
Every once in a while we have a seller in this neighborhood who is trying to capitalize on its popularity and prices a home waaaaaaaay above the average price per square foot, and the house sits there and stagnates as they refuse to drop the price.
I have seen well-presented homes, priced correctly, sell in 48 hours in this neighborhood. The most I've seen one linger on the market that's priced well is about 2 weeks. This house is well above the highest price per square foot historically for the area and has been on the market since early April. The owners refuse to drop the price. They've had 2 open houses already with no nibbles.
I wonder when they will face up to reality and realize that they missed the tax credit boat and need to drop their price?
DEPENDS ON THE MARKET THAT YOU ARE IN. Both of the markets where I have homes, things have stabilized.
This is the most puzzling comment and it contributes to the overall issue... It seems that people have switched from using the term "bottom" to using the term "stabilize" - like it sounds better or something.
In either case, you can't make these types of statements until well into your rearview mirror - looking back at statistics you just don't have right now. Beyond that, I just don't understand how people continue to think that "certain areas" are going to be immune to the continued reductions and impending double dip that so many people are talking about. It's the same exact rhetoric from people during this entire slide - "NOT IN MY AREA!"
It's rather funny and sad at the same time seeing so many people still using anecdotal evidence and small windows of doctored statistics to justify that their home value is "stable"... like some magical bubble appears around that particular zip code and it won't go down while everything else around it continues into decline and the economy continues further and further into the toilet. I don't understand how that makes sense.
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