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I can easily remember the days we would welcome 28 DOM as being "really fast".
Does the DOM or Listing Price ever get reset? I remember a few years ago watching a house in the neighborhood be for sale for many months. I don't know if they changed agencies at some point, but did see later that it sold "within 30 days and for 98% of list price". I know the sale price was much less than their original asking price.
Does the DOM or Listing Price ever get reset? I remember a few years ago watching a house in the neighborhood be for sale for many months. I don't know if they changed agencies at some point, but did see later that it sold "within 30 days and for 98% of list price". I know the sale price was much less than their original asking price.
Changing firms or agents may make that a reasonable claim.
I.e., "I did better than the other guy!"
Any guesses why houses near me are not selling fast? They can't ALL be priced to high, can they? There are about 7-8 for sale in my neighborhood and they've been on the market for weeks or even many months. They're probably all son the market for $650,000-$1 million+.
Any guesses why houses near me are not selling fast? They can't ALL be priced to high, can they? There are about 7-8 for sale in my neighborhood and they've been on the market for weeks or even many months. They're probably all son the market for $650,000-$1 million+.
That market moves a little slower in general. But, they may be overpriced.
My neighbors down the street had an offer the first day after they they put their ~700k house on the market. For more than asking price.
It depends, really.
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Any guesses why houses near me are not selling fast? They can't ALL be priced to high, can they? There are about 7-8 for sale in my neighborhood and they've been on the market for weeks or even many months. They're probably all son the market for $650,000-$1 million+.
A home on the market for months is overpriced, regardless of price range.
And, supply and demand dynamics are interesting.
A million dollar buyer can choose to buy a $650,000 home, and many can choose to spend more, or they may choose to build just how they want.
So their range of choices, supply, becomes very broad and there are fewer buyers, demand, in competition.
Commonly, a $300,000 buyer has much tighter practical limitations on their price range, and much more competition for the available inventory.
So, we often see quick multiple offers on properly priced homes.
As a recent buyer, who paid over asking for our home (on day1), this makes me both very jealous (wish that was the market we bought in) and very nervous (what if the market goes back to that)
if you're not selling when that happens, you shouldn't be concerned
the standard we've always thrown out for the market as a whole (national or regional) is a 6 month supply of homes. In my 15+ years, we've never seen median DOM below 30, but there's a LOT of areas and price ranges where median DOM is < 14 days.
in many of those hyper-active price ranges, we're not at a bubble, but we are clearly above 2007-2008 prices. You expect some appreciation beyond 7-8 years ago finally. In higher price ranges, we're just behind or at 2008 prices.
It's concerning when a generally "middle-class older home" suddenly sells for 7-10% over asking. We NEVER in my 15 years saw ANY homes do that. We would be in competing offers and stand a great chance at $100 over asking, and almost be assured at $2,000 over asking.
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