Realtor Says 10%
I visited a few open houses over the weekend. Prices on some houses are definitely starting to drop but, in my opinion, it won’t be until next spring at the earliest that I would consider putting a bid on a house. In any event, I asked a Realtor at one of the open houses I attended this weekend how far prices had dropped since last summer. The Realtor guesstimated that prices in many towns were about 10% lower than last year’s peak, which sounds about right to me.
posted by Little_Silvered at 6:58 PM
6 Comments:
Unfortunately, realtors and sellers seem to be in serious denial about what is going on in today's market. I'm noticing the same houses being advertised week after week in the Sunday Press at the same prices. Realtors are spending a lot of money advertising houses that are not selling. Sooner or later they will have to convince sellers to reduce their asking prices - not going to be pretty. I'm waiting until at least next summer to buy.
I'm very surprised that a realtor in this market would acknowledge such a decline.I bet there were no sellers around.
I had 2 realtors in Rumson admit the market is slow and that both owners had another house under contract contingent on selling their house. The one realtor admitted that lending standards have been way too easy.
Price reductions of 15% on each house.
Ray
wait for prices to come 40% off their highs.. prices are coming down now due to reduced speculation. prices will come down further when economic activity slows in late 06/early 07.
The really Great thing about a bubble is when it BURST..there is nothing left ,so when prices go to zip then you know it popped
A bit off topic, but related to real estate taxes. This story just blows my mind.
http://www.nj.com/news/ledger/index.ssf?/base/news-7/1151217464262020.xml&coll=1
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