signs of the times?
Last summer I made an offer on a house short sale. It had been originally listed at the low end of current pricing, then dropped several K from that. It needed work, but the area was appropriate. As they cleaned the place out, a major foundation problem became apparent, and I withdrew my offer.
Yesterday I got a listing for a foreclosed house _in my price range_ , _in my favorite neighborhood_, and called my agent. Couldn't reach her until later in the day. She called me back to tell me the house already had counter offers higher than listing price.
Based on last summer's experience, I thought that if even the investors didn't pick it up, something is really wrong with the house. Or, investors here think, as I do, that prices will continue to drop for a while, and are waiting.
Today one of the local furniture companies had an ad on tv, temporarily reducing their prices by 30% because of the economy, and will go back to standard pricing when the economy returns to normal.
I think I feel okay with not getting that house. My agent will call if those buyers back out.
Several houses in that subdivision have been sold at really high prices over the last 2 years, so maybe more will be coming on the market.