[Dean's World] Scott Kirwin: A Street with Three For Sale Signs...

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Posted by Scott Kirwin:
A Street with Three For Sale Signs...
http://www.deanesmay.com/posts/1188869550.shtml


   Mine is a short street in a 50 year old development in Delaware. There
   are about a dozen homes on this street, and they all are nicely kept
   up three bedroom two bath homes that have all been tweaked and made
   unique by generations of homeowners.

   There are currently 3 homes for sale on my street. The oldest has sat
   on the market for six months, and all have reduced their asking
   prices. Tonight I ran into one of the sellers and asked him how things
   were going. I had attended his first open house, and his was by far
   the nicest of the three homes. The kitchen had been refinished. All
   the rooms were clean and carpeted. Windows had been replaced, and the
   furnace was relatively new. Plus the front of his home had a warm
   curb-appeal that mine seriously lacks.

   In 2 months on the market he hadn't received a single offer. Even
   though his agent held several open houses, there just wasn't enough
   interest. He had a contingency on a bigger house in a different part
   of the area, but that was set to expire in less than a week, so the
   failure to sell his home meant that another home had failed to sell.
   His wife was due in a few months, so he planned to take the house off
   the market and make do with his current home for a few years.

   I don't plan on moving anytime soon, but I would prefer to see the
   market stabilize. I don't want "irrational exuberance", just solid
   single-digit growth.

   So how's thing in your neck of the woods?