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In your opinion, when does a listing go stale? Also, what is the common pattern for price reductions?
A couple of houses on my block have been on the market for months and months and it's supposed to be a hot market here. One house had at least 4 open houses, and the r.e. agent doesn't bother getting the lawn mowed.
In your opinion, when does a listing go stale? Also, what is the common pattern for price reductions?
A couple of houses on my block have been on the market for months and months and it's supposed to be a hot market here. One house had at least 4 open houses, and the r.e. agent doesn't bother getting the lawn mowed.
Is it customary for real estate agents to mow the lawns of listed houses in your area?
Yes, I would say so considering it's an empty house selling for over $300K.
Interesting. In my area, owners usually take care of the mowing--whether or not the house is vacant. (But an agent should certainly prod the owner to have the lawn mowed.)
So back to the original questions: when in your opinion does a listing get stale? And what is the typical pattern for price reductions?
I'm not a realtor, but as a consumer, these are my thoughts.
If it's owned by the bank (and I have a funny feeling this house is), it's stale before it hits the market.
It it's TRULY a seller's market and the house is price properly, it's stale after 4 weeks.
If it's TRULY a seller's market and the house is priced too high, it's stale the day it hits the market.
Personally, I hear this term "seller's market" and think BS more and more often these days. Didn't I just hear something on the news about the US having a lower percentage of homeowner's now than at any other time?
Personally, I hear this term "seller's market" and think BS more and more often these days. Didn't I just hear something on the news about the US having a lower percentage of homeowner's now than at any other time?
The percentage of home owners is a tiny bit lower now, but the absolute number of individuals looking for houses to buy is at an all time high. That is why there is so much residential building going on in much of the country. Houses are proportionally more expensive than 10 yrs ago, prompting many homes to become rentals for people who do not have a down payment saved yet or who have not settled into their optimum place in the job market. If you live in an area with a decent job market and moderate weather or attractive amenities you would know that many areas have more potential buyers than sellers, i.e. a seller's market.
I hate how the term seller's market gets slapped on indiscriminately. They call it a seller's market where I am and circulate glowing reports of houses with multiple offers selling in a few weeks or even a few days.
But but but...look closer, and it becomes apparent that the fast saies are for houses in the bottom third of the price range of those on the market. Other houses sit longer.
Another factor I noticed is that a few speculator/developers buy small, old houses with multiparcel yards, chop off most of the lot, further subdivide the houseless lots, and develop those for individual sale. So the old, lower-priced homesteads show up as closed sales when they are not being bought by people who intend to make it their longterm residence. Those are still sales, of course, but it makes the market look "hot" when reality differs. This is not like a Seattle, or a SF, or a Denver, or a Boston, where career employment prospects are broad and deep.
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