I’m finding some of these homes stay on the market for a considerable amount of time, especially when you compare it to the city. I also have seen a substantial drop in inventory from the same time last year. Buyers still have some trepidation moving forward as consumer confidence hit a low for the year this past week. This seems to me a good time to think about purchasing and under cutting the listing price.
As the market will indicate, there are a good amount of homes that are a little overpriced, I say that because they are not selling and most buyers interpret that as being overpriced. I’m always amazed, particularly in the city, when buyers will be more enthusiastic about over bidding and driving prices up vs. finding a home that you don’t have to compete on and you can get below market value.
Remember you only make money in real estate when you acquire the property, not when you sell it.