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15 Comments on One Thousand Seven Hundred and Fifty two Days on the Market
Good grief -- that is a LOT of days on market. Wow.
Greg...I think in different parts of the country the market is still way off, but it's also really starting to come back in other parts. I hope you have a really good 2010. Happy New Year!
Let's hope it doesn't take another 1700 days!
While it did create a sense of urgency for some, I don't think any tax give away is going to sustain a recovery in the housing market.
Thanks for commenting. To be fair, the house was over priced when purchased in 2004. Heck it was on the market back then for over 250 days and many more as a For Sale By Owner. I don't think I can remember a time whenever I drove by the house without seeing a "for sale" yard sign. And, most who purchased back in 2004 know they are not going to break even. Prices have fallen almost a third from the height of the market in this area. But, the pain that builder felt was really in his wallet having purchased the land at a high price and putting in all the infrastructure. Neither home was my listing.
I wrote the post after someone boasted in a blog that the tax credit was a huge success and then claimed I made a personal attack against her because I stated it was not a success and those few buyers that purchased just got icing on the cake. It is my opinion that price drives this market and I hope the few listings I do have will adjust their thinking regardless of the Rosy outlook others are painting.
1752 DOM. Thats quite impressive... Somehow I can't imagine being happy with that extension :)
Andrea, sometimes I wish I were a fly on the wall. I would certainly learn a lot about getting customer loyalty. Not my listing but I have got to admire the the agent's tenacity and the clients gullibility. You have a Happy New Year.
Gregory, just wanted to stop by and wish you a very happy, healthy and prosperous New Year!
Hi Gregory~ I think that those getting the tax break would have bought or sold even if there wasn't one.
Hi Vickie. I agree and I was told that only 2.5% of all homes sold during the rebate are eligible for the tax credit during a presentation at the Triple Play for PA, NJ, NY Atlantic City Convention. But, some agents out in AZ seem to think it has helped their sales. Thanks for commenting. Hoping you have a great New Year.
The tax credit isn't going to motivate a buyer to buy an over-priced home. It really only helps push buyers already looking to move a little faster.
Love the story and I agree that the tax credit is not going to be a sustainable improvement for the housing market. I do have to admit that we did see a jump in the number of closings in November, but there was also a decrease in the median price (big shock). Now we once again have a bunch of people who were able to get into homes that aren't going to be able to afford them in a few years. That sound like kind of a familiar problem doesn't.
Kirk, you are preaching to the choir. I just can't understand what the NAR is thinking. They must have just wanted to look like they were DOING SOMETHING. I wish they would stop doing.
I'm not sure what the tax credit has to do with overpriced listings that stay on the market. Are you implying that because the buyer gets a tax credit of $8,000 that he should give it to the Seller on an overpriced listing? I can't agree with that logic.
Hey Russel, thanks for stopping by and sharing your view. What I was trying to say in the blog was that the tax credit does not work for several reasons. First, a NJAR economist stated in a seminar that the tax credit was a benefit to only 2.5% of the homes sold. What good does helping such a small percentage do for the economy overall? Second, the reason given for the tax credit was to "stablize the price of houses. That is to help the owner from absorbing the loss but costs the taxpayers even more. Third, only approximately 20% of the trade organization (NAR) requested the government to continue the program by way of the emails sent to members requesting they forward a dumb dumb letter to their representatives.
You are correct about the house I used in the topic has little to do with the tax credit. It is and has been over priced for years. But, you have got to wonder what the agent is telling the owner. And, when you look at the tax records you would see that the owner purchased the property for the sole purpose of flipping it for a profit.