"...weeks or months at a time with no offers"
The RedBankGreen Blog pointed out to us this story from the Star Ledger.
Snip...
[Today, sales agents say homes in Monmouth and Ocean counties at all price points sit and sit, sometimes for weeks or months at a time with no offers.
And sellers, who have grown accustomed to property values doubling and tripling in recent years, have started to lower their asking prices -- in the McLoughlin's case by as much as $400,000 -- to move their homes.
"Like everywhere else, sales have slowed down quite a bit and asking prices have dropped some," Stevens said. "It used to be not a question of if you would sell, but when you would sell. If someone listed their property at too high a price, given more time, the market would rise to that price and it would sell. That's not the case now. What we're seeing is a lot of owners having overpriced listings and the market is not rising to meet them anymore."]
posted by Little_Silvered at 9:22 PM
2 Comments:
If this continues, and likely it will,we may see big price reductions by this time next year. I'm a well qualified first time home buyer who's waiting this out. As much as I'd like to buy, I refuse to pay the ridiculous prices that sellers are asking in the current r.e. market. Sellers and realtors need to be realistic.
Anon 10:29 - you're right. I have been looking, but don't even consider buying in 2006. The prices are stupid for what you get... a 3 bdrm, 1 bath ranch for 700k - no thanks! I am in no rush, and when I do want to buy, I will go directly to the owner and cut out the realtor's commission.
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