existing homes sales (2%, price, state, disclose) - Real Estate -Brokers, appraisals, development, lease, investing, relocation, apartments, houses, condos, values, mortgages, loans... - City-Data Forum

mkal · 02-07-2008, 08:03 AM

Down 3% in the South. This is according to the latest report from CNBC.

convergent · 02-08-2008, 06:44 AM

"The South" is a big area. I wouldn't pay too much attention to national reports. This stuff can vary greatly from one part of an area to the next. Where we are moving from in NY, the market actually went up 2% in December, while every other area around us went down. Remember the old real estate rule one... "location, location, location". If the market goes up or down... over time, the best location will be the best place to be.

dansdrive · 02-08-2008, 06:57 AM

Is there a report on segment pricing? Is $250k and below selling better than $500k and below? Selling better meaning days on the market and sale price as a % of listing price. When I search the availably MSL listings I see many homes in the say $400k and up that have been on th market a long time. Its hard to tell as they change the listing date every time they cut the price or make a change to the basic listing. This is somewhat misleading as one can purchase a home that had been on the market for over a year and had a few price cuts but to a potential buyer it looks like it just got listed. I guess one would have to ask how long it was on the market and has the price been reduced. Does this information have to be disclosed to the potential buyer? When the market is good this in not an issue but in slow periods its definitely valuable information to the potential buyer. Even location, location, and location does not help if the homes price was cut a few times before the new buyer purchased it. The great deal they think they got may not be all that great in the final analysis if they don't know the history on the house during the listing period.

convergent · 02-08-2008, 07:34 AM

I think that higher priced houses are always going to take longer to sell on average than lower priced houses, simply because you have a smaller group of people that are able to buy them. The house we just bought had been on the market for 140 days and was listed right at $500K. We were able to get the price down about 7%.