From StB on the FOOL on Phoenix
Well, we have had our house on the market for five months, nearly to the day. The first three months were capped by the holidays, non-aggressive pricing on our part, and non-aggressive marketing. In the subsequent two months, we got very aggressive on our price and marketing, but it took us cutting our list price $5k under where we thought it would move to get significant traffic through the doors.
It took a list price of $5k less than we thought to get plenty of traffic through. We are now under contract for $12k under our list price...again, more than we thought. However, given our need to move for DH's job, we are happy to have a buyer. Now we have a 10 day inspection period to get through, during which we don't anticipate any major issues (the house is only 5 years old and has been well maintained).
Over the timeframe, our list price dropped by $30k, and our final sell price is also $30k less than we originally thought it would sell for. During the time our house was on the market, we saw identical floorplans in this community sell for continually decreasing price: September (before ours went on the market) the price has steadily declined by about $10k every six weeks. Folks, if you needed any further confirmation that the Phoenix market is declining, here is your anecdotal evidence.
We are happy, too, that there is another interested buyer who may put in a back-up offer...but they are waiting for their house sale in MI to finally close. They have had it under 3 contracts and all of them have blown up before close of escrow.
I hope the same declining market effect is occurring in WA around Seattle... <g> We can only hope!!
StB. (happy dancing today) |
