My Real Estate Blog

January 25th, 2010 11:46 AM
More new houses are starting to come up as you see an increase in new homes but the inventory remains low so you can see the houses are selling quickly. There are 29 single family homes on the market in 20171 and we had 5 new homes come up this last week. To see those, click http://mrislistings.mris.com/Matrix/Public/Portal.aspx?ID=34891450818. Four single family homes sold which is a good number as we head into the Spring market. To see the homes that sold this week, check http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=524916XJRPL&p=DE-100023587-103. Three of these homes were on the market less than 10 days. The other was on the market 582 very long days and had a price drop from $550,000 to $499,950 on Friday the 15th and received a contract that weekend. A $50,000 drop in price is pretty steep at this price range. The house was vacant so the seller was shoudering a lot of carrying costs so I feel they dropped it too low all at once and should have brought it down slower in the preceding months to relate to the current market prices. They started at a list price of $649,950 which I knew was way to high at the time. I had showed the home to several buyers. The other issue is that when the house was on the market for 252 of those 582 days, the home had only an exterior picture - a hugh negative in marketing your home through the internet. That home in particular had done a lot of interior work - new kitchen, hardwood floors, nicely finished basement, etc. I hope you are staying dry and if you have any thoughts on this market, just let me know.

Posted by Angela Mitchell on January 25th, 2010 11:46 AMPost a Comment (0)

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