Comments on the Broker's tour and inventory
We have 5 properties on the tour tomorrow, priced from $287k to $1.299MM. The low priced property is part of the Wendell Lane Mutual Water district and there are problems with that small district ( MWD’s sometimes include only a few homes and are something you should look at closely if you are considering buying a home in one). The septic looks Ok on that one but the pest report is not good. I’d pass. The next one is in an area that is close to being a flood plain, pass. The next is a cute little cottage on .75 acre that’s part of a TIC, a maybe. After that we have two country properties one listed by Mitch Conway, his listings are uneven in quality but this one initially looks good, $789k for s 2800 Sq Ft home on 4.130 acres. The last one is listed by Will Kent who has consistently good listings. This one has 2 homes, the larger is 1806 Sq Ft (No size given for the second home) and it sits on 13.590 acres about half of which appears to be cleared land and half wooded with oak from the aerial shots. $1.299MM and probably about right. Looking at the 66 active listings I see roughly 15% that are priced right. Most of those are in the $1MM plus price range where it takes longer to find a buyer. When I look at homes priced under $500k (31 of them) there are only two I would consider seriously at close to the asking price. In the $500k-$1MM range there are several nice homes that are priced close to a selling price, they get lots of looks and no offers. A final note on inventory. My office manager sent all of our agents an email urging us to dig up listings because this is the lowest march inventory here in the last six years. This does not make sense to me, many people here are underwater and struggling and there is no indication prices will rise in the next couple of years. Word among agents is that a large number of homes priced in the $600k-$800k range will be coming on the market in the next month, it will be interesting to see the quality and how this will affect prices.
