From a realtor: 6 E( V' M1 X* e4 kI get new listings/changed listings/price changes sent to me weekly. I can’t tell you how many have had “price reduced” on them. Houses that were priced 560+ are now going for 499K. 5 {3 q2 J# p" a4 J' ?The inventory is a bit low, but a lot of the inventory that we are looking for (500k+) are really crappy houses. We know of a house that we’ve had our eye on for about a year and its been on the market for 5 years (vacant). A brand new build…that’s going from original asking price of 780K down to 650K. I can’t imagine the holding costs on this house (property taxes, utilities) for the 5 years. / R8 [8 {/ p( @' W8 @) dWe find a lot of houses that are built during the boom have unrealistic prices, houses built from 2006-2007/2008. : g S }) l1 c# z3 e9 t* t" j% R.......- x2 N( p/ v' z H3 M: Q
You need to look at price history, not the Days on Market number. Many houses get relisted when they cant sell for the original asking price. 2 D) z) K9 v6 S1 W% h* vMy wife and I have gone to many house viewings thst have been in the msrket for 6 months to over a year this month.3 ^. D' T p% R" z2 h
ask your sales person for a price history. The ask/sell price stats are a complete lie. Any honest realtor will tell you that (like ours). 9 X/ F9 z8 ?& J9 `3 q