Mid October Analysis
The reality check is here, and new homes being listed/relisted are being priced more realistically to meet the market. So far this month, one home sold at auction for $449,900 and one has had a price change to $450,000.
Obviously, no one is losing money, except from the paper profits they had hoped for, but the reality is that housing is a market, just like commodities and stocks, and like all markets, the housing market goes up and down.
Still, it would be hard to lose money in this market. It is very possible to not make as much profit as anticipated. If Sellers do not need to sell, this is a good time to wait out the market. We will know more about the market in February/March.
A home was sold on Indian Creek on Sunday, August 8, for $449,500. It was 2,200 s.f. – a 3/3 with a waterfall and a Jacuzzi. It was a pretty nice house.
That sale is obviously NOT the norm – few people have to auction off their home, and they are usually in some dire straight financially.
I do not know the details of the reasons this particularly home was auctioned off, and at such a low price, but the history of the home is interesting. It has been on the market a long, long time – and it has gone through numerous Realtors.
That home was a relatively nice home, but like many custom homes it was designed primarily for the person who built it. It was not a bad design…it just was not an ideal design. The home was in generally good shape – not absolutely perfect, but pretty nice.
But it had been vacant for a very long time. With so many homes vacant there may be others.
It is an object lesson, demonstrating the difficulty of selling a home today in the Meadows. And this personal message to any Sellers who are considering changing Realtors – it is the market, not your Realtor.
We are Realtors, not Magicians. Right now no one can do much. Anyone willing to sell WELL below what they think is the market, can probably sell.
Here are many local offers of increased commissions and trips to Hawaii for the selling Realtor. Cars, and swimming pools for Buyers.
Nothing works if there are no Buyers. They do exist, but they are rare in Hidden Meadows.
If you must leave a home empty, seriously consider leasing your home for the next 18 months