MLS, market, foreclosures, realtor
I saw a listing I was interested in on the MLS and contacted a realtor. My concern was that the listing was overpriced. They had just remodeled the kitchen and tacked that on the 'normal' price. Now in a good market I guess you would expect to get your money back on a kitchen. But I live in a mid sized midwestern city that isn't ever going to have a great financial recovery (Dayton). So while we didn't have a big run up, we did have price depression, lots of forexlosures, lots of inventory. This is a nicely maintained 1958 bungalow basically and they put in quartz counters (which I'm luke warm about) tile floors (which I don't like), nice cabinets which are pretty and put the stove all buy itself across the kitchen which I hate.
The realtor told me that inventory is down, things are looking much better.
My questions - when he says inventory is down - is that because he isn't including foreclosures? I think he said it went from 12,000 to 6,000. Because i see lots of stuff hanging out there that's been there for a long time.
I guess I just don't trust his rosy outlook. I told him I would have to get a price that would allow me to sell in 4-5 years without losing money or getting stuck with the home. Between taxes, realtor fees I feel I would have to get a good price. On this particular house it would be a significant price reduction which I think the sellers would be insulted by.
He seemed unconcerned by my time frame and price/resale worries.
With the MLS open I usually find what I want to see. But I find it hard to really understand the market here, or maybe I'm just having trouble trusting my gut vs realtors. The county auditors 2012 records seem incomplete compared to houses sold on zillow.