Hey there KCM Community! Here are the 41 articles we posted (or should have posted) from the past week. Let us know if we left any good ones out! Just post them in the comments section below. Enjoy the rest of your weekend, and remember– keep sharing good information! Here for you, The KCM Crew Delinquencies Fewer People Late Paying […]
There has been much talk recently about the number of foreclosures currently held by the banks and when they may be released to the market. The number has been estimated at approximately 1.7 million properties. I believe that the banks will be forced to bring them to market in the near future. Why will banks release these properties in the […]
I wish I could take credit for the catchy title to today’s post, but it was actually the headline to a New York Times article last week. It was the story of how sellers are finally accepting the reality of today’s housing market and adjusting their price accordingly. The results prove a point: Today, pricing the home at a compelling price is the key. If you are willing to do that, there are buyers ready to leap to action and purchase the property.
As examples, the article cited the following:
The first thing Mr. Seiden (the real estate agent) did was brandish the tissues and recommend a listing price of $60,000 less. “At first I was in shock,” Mrs. Whiting (the homeowner) said. “But then I decided if we wanted to sell, this is what we better do.” A bidding war ensued, and some weeks later the house went into contract at $10,000 over the list price.
Mr. Nadler cited another Larchmont example: a three-bedroom two-bath prewar condo listed at $1.2 million whose owners “needed to be convinced” to drop the price. After generating only weak interest and unacceptable offers, they finally agreed to lower the price to $999,000 and then to $985,000. At that point, Mr. Nadler said, “the floodgates opened.” It sold for close to the final asking price, he said.
Quite possibly, the segment of the population most damaged by the economic downturn may be Seniors. They have taken the double-whammy of depreciation in their real estate and a slashing of their retirement funds.
Many Seniors have had to alter their retirement plans because of this. Some have had to stay in the workforce longer than they had hoped. Many have had to tighten their belts. Others have put off the sale of their home, in a desperate hope that the market would rally and save them. Alas, that has not happened (and isn’t likely to happen for years).
Almost every day, as I do my research, I come across a headline that grabs my attention. Many times it leads me to believe that there is a contrarian view to one that I currently hold on an issue in real estate. I immediately read the article only to find out that the headline and even the first few sentences […]