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Here's a very honest report on the reality of todays' market.
And not just 'Local', but nationwide. Sorry, but your neighborhood, street, town,..whatever, is NOT EXEMPT!
This is reported by a top realestate agent.
Oh for Pete's sake -- the NYTimes stoops to this ?
Quote:
Given the economy, now may indeed be a less than ideal time to sell. “That’s why we’re seeing a lot of analysis being done for clients by Realtors these days,” said P. Gilbert Mercurio, the chief executive of the listing service.
That a well-priced property will sell more quickly is not a new concept. “That’s true in boom years, too,” Mr. Mercurio said, “although that applies more than ever now.”
Duh. What the heck is the deal with that? And this gem:
Quote:
Larchmont sellers last year ended up with 90 percent of their asking prices, Mr. Nadler said. In Scarsdale the figure was 87 percent — because, he said, brokers there tend to price houses higher.
Like they were expecting 100% of list? Come on, in STELLAR times the majority of buyers that have a dealt with feel that most sellers ought to be thrilled with any offer that is within 10% or so of asking price, and most seller price accordingly...
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
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LOL Westchester County is EXACTLY like my market. Well maybe except for the demographics. Yep our sellers have had to bite the bullet for sure, but the whining doesn't seem to be as loud as on Long Island.
Come on, in STELLAR times the majority of buyers that have a dealt with feel that most sellers ought to be thrilled with any offer that is within 10% or so of asking price, and most seller price accordingly...
Your memory is shorter than I'd have expected. In stellar times, say, three to six years ago, sellers had bidding wars and often sold for higher than list. They would not have been thrilled with 10% off and many would've scoffed at it as a low ball.
I think the point the article is making is that these are no longer the easy credit go-go bubble years. 10% off (after multiple price reductions in some cases) is now fairly common.
Believe it or not, this is news to some sellers. And by the way some properties are priced and marketed, I'd hazard to say some REALTORs™ as well.
Honestly I am not making up the FACT that in my neck of the woods the phenomena of crazed buyer throwing more than asking at buyers was all but non-existent. Were there some houses that did sell VERY quickly? Sure, but when the average selling price is over $500k, the average home buyer is over 35 and the average downpayment rarely sunk below 20% the "money doesn't matter" mindset was pretty rare. Builder sure took advantage of things, and new construction was sometimes coyly priced as "subject to final trim costs" and other weaselly ways to get suckers to believe that the builder 'accidently' put more into a place than they thought would...
Really the list-to-sell ratio for the towns I most actively work in might have peaked around 93 percentage, and that was probably when a big condo developer made a push to sell out some of those "over improved" units where the LIST represented the 'base model' that was long sold and the remaining units had the "deluxe package" already installed...
Yes there are some foolish folks that have not awakened to the new reality of pricing that is much lower, and some of this "deluxe finished" places sit on the market with TOM lengths that look like momma elephant will never have that calf -- Which mammals have the shortest and longest gestation periods? but that too is not something never seen before. In a certain area of desirable lakefront homes in SW Mighigan there are MANY places that are "always for sale all the time" because the owners don't really want to sell / are immune from doing the math that because they might be able to RENT the place out for $3000/week in peak season there not a whole lot of folks that thing an equally high monthly mortgage payment is acceptable for the 'joy' of owning the place for the next 30 years...
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, LOL. Nothing new in this article.
