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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Lizzie Tudor who wrote (21148)	6/1/2004 10:31:10 AM
From: Tradelite	Respond to of 306849

Now, Lizzie, wait just a minute here. Of course, NAR tells us what has sold. It also provides figures on amount of supply--lately, nationally it's been running about a three or four-month supply, which means pretty slim pickings for buyers. If you want to see the prices of all houses for sale in your area, number of days on market, which prices have been reduced, etc. etc. etc.....just trot on over to a local Realtor's office and ask them to run the listings out on their computers. And by the way, if you want to track a CERTAIN, PARTICULAR neighborhood's (or individual house's) price history over the years as homes have changed hands, you can probably get that info from your local Realtors, too, depending on the sophistication of their MLS system--I used to provide this record all the time to my clients because the county tax record for every house was a component of our MLS.

To: Lizzie Tudor who wrote (21148)	6/1/2004 11:05:22 AM
From: George8	Read Replies (1) \| Respond to of 306849

That's an interesting point that the commonly used price appreciation on home prices is quite misleading in many cases. For instance, the NAR figures say the median prices went up something like 12% and 7% (from my memory) in Bergen County, NJ, respectively in 02 and 03. So, one of my friends insists that he should be able to easily sell his house in Woodcliff Lake (nice town) at $700K, because a few similar homes were sold for $600-$650k in 2002. Guess what, they listed the home in March, 2004 at $710K (has since been reduced to $660K). Not only there has been no offers at all, but the traffic to view the property has been very scarce. He asked my opinion which I replied that the price is too high. My friend of course could not agree with me or the listing Realtor (now suggests that price needs to be reduced much further) because my friend keeps arguing about the hefty increases in prices from the NAR numbers. What's going on?