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April 21, 2008

Comments

Aaron Dickinson - Edina Realty

I love it! We're seeing some great trends here... it is too early to tell if they will last but it is clear that there are buyers taking advantage of this market and many sellers have decided to delay their sale.

Teresa Boardman

Nice job Jeff.

Disco

The problem for buyers is that there is mostly CRAP on the market right now. It's a ton of vacant houses -- sellers who absolutely have to sell. A lot of people with decent houses aren't selling because the market is bad for them.

On the other hand, prices aren't really going down in a lot of areas. Sellers are still quite delusional.

Aaron Dickinson - Edina Realty

Ah ha! Disco posting on MAAR's blog now too! Welcome to the party.

While traditional sellers are not dropping their prices substantially, they don't seem to need to. Each market is different, but I'm seeing most traditional sellers get within 5% - 10% of what they would have last year... so if the houses are selling, then obviously there are buyers buying.

When a house sits on the market 60+ days without selling and without a price reduction, it is overpriced. If it sells faster than that or sells within 60 days of the most recent price reduction, my argument is that it is priced right.

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