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Why homes over $500,000 are almost impossible to sell . . .
Sequim and Port Angeles homes for sale in the upper price ranges, say above $500,000, are almost impossible to sell right now. Why? There are two major reasons.
Reason No. 1. In Sequim, and even more so in Port Angeles, the percentage of buyers represented in this price range above $500,000 is only about 2% of all buyers in the current market, depending on what week or month you analyze. Generally, over 80% of homes sold here are in the $200,000 to $300,000 price range. Here are the sales for Sequim and Port Angeles in December, 2008 (as of yesterday 12/22/08):
Don't get hung up on the "Days on Market," because sometimes the data here is wrong. A long term listing can end up with another agent and the DOM can get set back to zero, although it may have been on the market for months already.
Reason No. 2. Anyone who can afford a $650,000 or $829,000 home is seriously going to consider building their own custom home at that price. Many luxury homes have been built by the owner with some unique characteristics, but a husband and wife buying team are going to say to themselves (as they have ... more

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