"Beauty is in the eye of the beholder," and the same is true in many sub-markets of today's real estate market.
I view the current overall market as a re-adjustment to some pricing and sales normalcy. The boom is over and sanity, coolness and objectivity is returning, ever so slowly.
We have come from a "universal hot market" to a "community" and even" neighborhood" market.
Older cities are in trouble, prime suburban communities are doing fine, and those in between are seeing shifting sands.
Don't anticipate big price reductions for many, many months even in older cities It will be a gradual decline, painfully slow if your a buyer.
Buyers, unless highly morivated, should take even more time looking at all options.
Sellers need to understand the dynamics of present pircing conditions and the over-supply of greatly inflated inventory.
Seventy to eighty percent( 70 to 80%) of existing inventory on the market today for sale is just over-priced! Sadly many sellers today over-paid!
Price is NOT value and value is NOT price.
Have a great day,
Bill McInerney, REaltor
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