Houses are dropping like flies in the Del Norte County real estate market.
Houses are dropping like flies in two ways:
One - Homes are dropping off the market. Our market is down 32 residential listings or 10% in less than 1 week. For a small market like ours that is notable. I'm noticing that the expireds are not relisting at the usual rate and that homes are being withdrawn more so than ever before.
Two - prices are dropping like flies. Homes that have been on the market for 6 months or more with the price never being reduced are now taking deep price reductions and offering incentives such as a flooring allowance, etc. to make the home stand out in this market. My guess is it's too little too late for incentives, but if you have to sell, it's certainly worth a try.
In my opinion it would be better to ask your agent for a current CMA (market analysis) using comps that are 1-2 months old and then price your home at the bottom end of the price range. There's nothing that will sell a house better than proper pricing.
The current economic woes of the U.S. are making it difficult for buyer's to get loans, that's if they even want one. With news like a recent CNN poll that states that 6 out of 10 Americans believe the U.S. is headed for a full blown depression, the expired listing owners are probably thinking, "Why bother trying to sell now." However, this decreasing inventory will help the seller's who are hanging in there, so don't give up if you need to sell.
The competition is fierce in every price range right now in the Del Norte County real estate market. Sellers, in pricing your home for sale, try to think like a buyer who is going out on a limb in this uncertain economy and wants the deal of the century and you may be one of the few listings to sell in this tumultuous market.
I am here to assist you with your real estate needs!
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Fran, I go back only 6 months and then narrow it to 3, if there is a huge drop then I tell the sellers that. We have to be proactive and spot the trends. Year old data is not valid, and appraisers in MI are not using it.
Hi Fran: In Sacramento, we have about half fewer listings than we did a year ago. The closer it gets to Thanksgiving, more homes drop off the market or go into TOP (temporarily off the market). However, the homes priced right are getting multiple offers around here!! :)
Hi Fran, Great analogy and analysis. keep up the good job!
Fran,
Our appraisers here in Tucson are looking for data that is only 30 days old because prices are dropping... well, "like flies." The upside of that is that I'm seeing bidding wars again.
Mike in Tucson