I love their anecdote - a nice 23% off sale for a new homedebtor who felt he got a good deal. I hope they follow up 2 years from now to see if he still feels that way... he he he...
It's 'Seller beware' in Housing - Buyers have the upper hand as owners cling to old optimism about pricing
Roger Maehler has good reason to feel smug about the panoramic mountain views from his new backyard.
"I think I got a good deal," the Scottsdale, Ariz., resident says of the acre-plus adobe ranchette he snagged last week for $655,000-a 23 percent discount from the original $850,000 asking price.
Complete with swimming pool, spa, and a big-screen TV in the great room, the sprawling five-bedroom property was high on his list when he began shopping for a new home in May. But like many buyers these days, Maehler decided to hold off and see how the weakening market shook out over the summer. "I guess it was worth the wait," he says.
"I literally could have spent eight hours a day, five days a week looking at houses," says Maehler, who toured more than 30 properties before making a bid.
Indeed, the national inventory of 4.3 million unsold homes now stands at about a seven-month supply, a glut some economists say will persist until sellers make meaningful cuts in their asking prices. "Buyers want more than the traditional 2 to 5 percent price reduction before they sign on the dotted line," says Gregory Miller, chief economist for SunTrust Bank, who doesn't expect a significant reduction in inventory until early next year.
October 30, 2006
Posted by blogger at 10/30/2006