There is a direct relationship between the price of a home and the time it takes to sell. Elaine vonCannon, a member of our HomeOnTheCourse network of real estate experts, reports from Williamsburg, VA, that homes priced under $335,000 are selling within six months. Those in the range of $335,000 to $499,000 take between six and 10 months to sell, and those over $500K are on the market from nine to 18 months.
There appears as well a direct relationship between price and expectations among buyers.
"Over $335,000, the buyers are picky," says vonCannon, "and need move-in condition, and closing costs, a point on interest -ate buy down and a home warranty."
In Mt. Pleasant, SC, another HomeOnTheCourse real estate network agent Bob Crawford says the larger construction companies are offering "large incentives to sell existing inventory."
"We are pretty much like many other destinations for seniors," says Crawford, "as home and condo prices have dropped and inventory is high."
Both vonCannon and Crawford indicate that the inability of people up north to sell their homes is the major reason why the local markets' inventories are growing. We predict that discounts and other incentives from major builders will grow even more over the next year, putting increasingly greater pressure on mom and pop homeowners to lower their own prices. It is hard to see the cycle reversing for at least another 18 months. Of course, that makes anyone with cash in the best negotiating position.
If you are considering a home in Williamsburg or Mt. Pleasant, contact us by clicking on the button at the top of the column and we will be happy to put you in touch with Elaine or Bob. Have another location in mind? We will connect you with a top real estate expert who knows the golf course communities in their area. This will give you one-stop shopping ability rather than have to rely on the sometimes over-hyped pitches of the communities themselves.
Editor's note: I am off for parents weekend at my son's college in Virginia, so I may be offline for a few days. (No internet connection where I am staying, and internet cafes are few and far between in the Shenandoah Valley.) I will reconvene here late on Monday. Regards.