houses are finally selling in my neighborhood

gibby2015June 21, 2011

I'm not in the market to sell mine any time in the foreseeable future but this spring I have finally noticed that houses are selling and some are selling fairly quickly. Since the great recession hit I have rarely seen a SOLD sign - lots of stuff went up for sale but not much ever seemed to sell. Prices have dropped drastically of course but it seems sellers have finally gotten in line with reality on pricing and things are now moving. Even though prices have dropped it's still kind of reassuring to know what price houses are selling for. It seems the strategy here is to put in on the market significantly over the price you want to get and then drop the price a few times - like no one will consider anything unless they see that the price has dropped a few times. Even if it was inflated to start with.

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Around here, a lot of houses have "closed" in the past few weeks including ours. So, these are generally homes that went under contract in April or early May.

    Bookmark   June 21, 2011 at 8:20AM
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In my area some sales are due to banks finally getting their acts together and unloading foreclosed homes. There are more sales, but at scary-low prices. Just caught a TV news crawl saying RE was down 3.8% -- but didn't see whether they were talking sales or prices, nor between when and when. Whichever...still going d-o-w-n.

    Bookmark   June 21, 2011 at 3:02PM
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Estimates are the banks are carrying a shadow inventory of approx 6 million homes, more than three times normal. What with lawsuits over title transfers and fears about higher reserve minimums, banks are moving very slowly on releasing this inventory:

Consumer jitters, falling prices make it tough to predict housing-market recovery
By Melinda Fulmer of MSN Real Estate, June 2011
"....Economists disagree on where the bottom is and when the market will get there, but a continued decline in home prices seems certain - at least for now."
(Full article at the link below)

Here is a link that might be useful: MSN Money/RE: tough to predict housing-market recovery

    Bookmark   June 22, 2011 at 1:30PM
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An acquaintance of ours just had her house go under contract in two days in one of the worst markets in the country, despite being priced higher than we would have expected. It is a larger tract home and is certainly no bargain purchase compared to many of the properties other friends have bought recently, so it will be interesting to see how it actually appraises.

    Bookmark   June 23, 2011 at 11:04AM
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Saw another sold sign this morning in the neighborhood. This one has been for sale for years - must have finally gotten the price down to the right level.

    Bookmark   June 27, 2011 at 6:44PM
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