Thursday, December 20, 2007

Million Dollars Off!!!

As the week winds down, one highlight was a few days ago when one agent emailed me that one of the Newport Beach (CA) MLS listings was now "One Million Dollars off". How great is that? Sure the asking price on a particular house has nothing to do with its real present value, but after the last 5 years it is just refreshing to get emails from RE agents with desperate language. One Million Dollars Off. I was smiling all day. There must be more where that came from.

And you know what else? That house likely still is overpriced!! It won't sell even at the present "one million off" price. I do have to give the seller credit though, as many other sellers are making the mistake of slowly chasing down the market prices but never quite taking enough of a price reduction to get their house sold. Net result - a long slow painful path of price reductions when the house long ago could have sold if priced right at the time. Yes, sellers have inertia. Big Inertia.

Here's to a happy holiday season for all and to good house hunting in 2008!!

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