In the past week, we’ve tracked homes in the core neighborhoods of Columbia, Cornwall Park, Lettered Streets, Sunnyland, and York.
Were there more price reductions or new listings? Also, for the $500,000-$749,000 range, more new listings or price reductions?
Here’s what we see:
Core Neighborhoods: 7 new listings and 4 price reductions. During the heat of the summer, we rarely saw price reductions, particularly in the core neighborhoods. We’ve also noticed how much closer to asking properties are selling. Some are even selling for only asking.
Mid-High market: $500,00-$749,000: Here’s where the market is really taking a tumble. Only 3 new listings, but 6 price reductions. And once you get over a million, well, those houses take much longer to sell and we certainly see price reductions.
The message here for sellers is that pricing a property appropriately has never been more important. As one of our clients said, “Bulls win. Bears win. Pigs get slaughtered.” Price appropriately for the market and you will get what you ask for…if not more.
As for buyers, we sit on the market like vultures, ready to swoop in. Being first to show is one of the tactics that helps us to win in so many multiple offers. We’ve won 20 out of the last 22 multiple offer situations we have been in.
All in all, we really have our finger on the pulse of the market. Since early September, it seems like all we’re seeing is one price reduction after another. With interest rates still low, this is a really good time to buy, and if priced correctly, to sell.