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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: mishedlo who wrote (7799)	6/10/2004 9:41:52 PM
From: mishedlo	Read Replies (2) of 116555

From YK.... Mish, I'm in suburban Manchester, New Hampshire. (Don't want to get TOO specific.) Basically, Manchester and Nashua are suburbs of Boston. I spoke with our broker tonight. She's amazed that our condo hasn't sold. It was "priced to sell" but not a bid. We've decided to use the price of the one that did sell, and use that to set our price. She said it's a glut of units selling in our complex that's causing the problem. I asked how homes and condos are selling outside our complex, and she says that little is selling over the last few weeks. In Bedford, a very upscale suburb of Manchester, places always sell immediately upon hitting the market and usually above the ask... but now there are places sitting there for three weeks. We just dropped our asking price tonight, against the advice of the broker. I asked if the other condo sellers might drop their prices, too, but she said that most cannot drop the prices. They don't have the equity, so the prices just stagnate without any bids. She said it's slowly turning from a sellers market into a buyers market. Translation: it's a buyers market, and the brokers are slowly beginning to realize it.

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