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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: pbull who wrote (2762)6/17/2002 9:46:09 AM
From: SBergloweRead Replies (2) of 306849
 
I am deciding to "weigh in" on this thread. I am a Realtor who also feels that Real Estate has nowhere to go but down!

This is not a popular opinion within my profession, be assured, but I am witnessing some phenomena that I have never before seen in ten years of being a Realtor. Prices have gotten so high in my market and there is no movement...especially for homes above one million dollars which comprises a fairly large part of the market in my city. Recognizing that this is not an average market. However, I am seeing very greedy Sellers at all levels and Buyers who are putting their hands in their pockets and waiting. Homes that sold for $180,000 three years ago are now being offered in the $300,000 price range. These are homes that were built in the early 80's and are usually tired and in need of freshening up.

My area attracts a lot of second home Buyers and I think they are "on strike". I have had to be much more resourceful this year and willing to expand my market to other areas in order to keep my income level where it has been in previous years.

This is probably a good time to Sell a home in some areas, but I think better prices for Buyers will be evident in the next year.
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