NYTimes: Can’t Sell Your Home? Maybe It’s Priced Too Low
Can’t Sell Your Home? Maybe It’s Priced Too Low
“The homes that are having a hard time selling are the average-priced homes,” said Vanessa Justice, a real estate agent with Pacific Union GMAC in the Bay Area, where the median house price is about $750,000. For upper-end homes, she said, “it’s actually pretty crazy right now.”
The title is a little misleading, since it’s not the price of the house so much as the size/type of house. Our area is about the opposite. The lower end (bottom 30 or 40% in terms of price) seem to be moving quite well, and then the high end (the top 10 or 15%, but maybe not the top 2%) are also selling fast. The mid-range houses are sitting on the market 6 months or more with several reductions.
Luckily the house I bought to fix and resell is nicely in that bottom 30%. Small house but fits in with the neighborhood, had a lot of cosmetic stuff that needs doing but nothing that requires a major contractor/engineer. Now I just need to finish it and get it on the market.