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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: CalculatedRisk who wrote (14293)10/29/2004 4:02:10 PM
From: mishedlo  Read Replies (2) of 116555
 
From Bob on the FOOL

You might recall a couple of months ago I posted here about trying to sell my place. Well, still no luck. We have reduced the ask price once. We have also convinced the vendor of the house I'm trying to buy (we have a conditionally accepted offer... conditional on selling MY place) to reduce the price of their home as well. They were happy to do it, as they don't have any offers yet, other than ours.

Now my agent wants me to reduce the price again. I'm really not up for this. Based on last year's property tax assessment, updated for the statistical appreciation of homes in my area, we're just slightly above FMV right now. Adjusting the price to where he wants it means we'll likely close at a value below the theoretical FMV.

Add to this the fact that I live in a very desirable area... one of the most popular (and most costly) in my city. We've gone over 2 months now, with not a single offer on the property.

Nothing is moving, nothing is happening. I would go so far as to say that it is no longer a seller's market. Any buyer who wanted to make an offer (any offer!) would have me wrapped around their finger. And interest rates haven't necessarily gone up, there are just no more buyers left.

It really sucks.

BS

(PS - I've been asked where I'm located, but I'd rather not say... suffice it to say that I live in a previously hot real estate market, with over 100% price appreciation of my property in the past 5 years.)
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