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RealEstateCafe
Joined: 11 Dec 2007
Posts: 235
Location: Cambridge, MA
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bsg61
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 Posted: Thu Aug 03, 2017 2:12 pm GMT Post subject: |
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I've been noticing this in the listings I receive lately. In Malden, several price drops by $20,000 in the last few weeks. Also, a couple in Cambridge.
Perhaps they were just priced too high to begin with? |
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RealEstateCafe
Joined: 11 Dec 2007
Posts: 235
Location: Cambridge, MA
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| Posted: Thu Aug 03, 2017 6:16 pm GMT Post subject: |
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| bsg61 wrote: | I've been noticing this in the listings I receive lately. In Malden, several price drops by $20,000 in the last few weeks. Also, a couple in Cambridge.
Perhaps they were just priced too high to begin with? |
That's one possibility author Ilyce Glink offers at the end of the article:
"Trulia is reporting that more than 1 in 10 for-sale listings had a price cut, and most major housing markets saw cuts increase: Sixty-nine of the 100 largest metros saw the share of for-sale listings with a price reduction increase from last year to this year. While that could mean home price increases are flattening, it could also mean sellers, seeing price wars firsthand, are setting pie-in-the-sky prices for their homes, only to re-price them in order to sell."
As price corrections morph into Price Cut Nation, encouraging prudent buyers to do research necessary to "time the market." There are data sources available, as per vendor agreements, to brokers only; but if you like, we can host a MeetUp with one local vendor who's AVM divides market forecasts into four pier tiers.
We offer custom research on bidding wars, and are open to ideas about how to generate a "bidding war backlash." Hope some result in law suits as they did during that last boom / bust cycle:
http://bit.ly/Misled2008
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