Part 2 of the three part series.
The market stats for 2010 thru November tell the story. The story is PRICE WARS. Long story short, prices have been acceptably stable even with the large amount of distressed property business (33% of the market). Average home prices are down, but the price sellers are willing to sell at is dropping. I have been saying this all year that “sellers don’t want to give away the farm.” However, when the offer comes along…that is what really motivates a seller to “not let this one slip away.”
So, sellers have been accepting 2% less than they were a year ago. If I were a seller facing a loss I would take a 2% loss now instead of a 5% loss over the next 12 months. Selling now has it’s perks. Now what usually comes next in this type of market cycle is what I will be focused on in the next part of this series, “Recapping the 2010 Brevard, NC Real Estate market”.
Have a Blessed New Year!
Check out this new condo listing in Etowah; 27 Unity Court, Condo for sale