Source: Wasatch Front Regional Multiple Listing Service
Wow, those are some striking numbers. I'm curious how the occupied listing sellers are dealing with this info. Are any of them lowering their prices?
It's horrible news!
I have a short sale going on that the bank's BPO is at $255K (NOT!!!) - 534 days on market. We have an offer at $225K and I can't even get to anyone (at Chase) in the short sale department to talk to me. They know who the analyst assigned to the file is, but can't find his number in their company directory! So I have been leaving messages with the short sale dept. supervisor, a number which I'm sure is a receptacle that fills up with agent calls and gets deleted unheard.
The other listing I have isn't a short sale, but one where we had a failed sale - 279 days on market. I'm sure because the buyer felt they were paying too much for the home. We'll see what the next 10 days bring. Hopefully, improving market news.
I've just sent this report to my clients. I'll let you know if they adjust their pricing or sit it out.
I hope you can get something put together for your clients, how frustrating. I think things will get better, but it may take some mighty big pills for swallowin' first. May the force be with you!
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