Hello, Hope everyone has had a great 4th of July Holiday. Thought I would pass on some insight into current pricing. I was recently working on a Family Law matter and a property across the street was listed for sale. This home was the same floor plan as the subject and was priced at about the last sale in the small tract development. Now granted the last sale was a model home in Early 2018, but nonetheless this sale because of its proximity was a good barometer I felt. I was especially interested in what was going on as this property has been on the market over 90 days. What I got from the listing agent made me stop and go look at MLS. What I heard from the agent that in over 90 days they have not had one showing. Many thoughts come to mind but they I called four other agents and they all commented on how slow the over $500,000 market is right now, especially for tract homes. Now does mean the end is near, well not the end of the world surely, but this could be an indicator that we have moved to far and with interest rates having moved up, down and then back up again over the last 5 months is an indicator that there may be a change afoot in this market. My suggestion, Sellers, please don’t think you castle is the best of the best and then price it for perfection. Based on what I am seeing, this may not end well. Listen to your agent. If you hired them, then there must have been a reason. So trust that reason and start listening instead of talking, yelling or not being willing to have flexibility in your pricing. The only person that really gets hurt in this situation is the Seller and their family, if they have other plans that requires them to move. So my thought, is stop reading the headlines and start talking seriously with your RE agent. I think now more than ever it is possible this market is starting to consider it might be ready for a change and not upward. Thanks for taking the time and if you have any comments feel free to give me a call at (909) 262-3434 or email me at bradbassi@yahoo.com. Enjoy the dog days of summer.
