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A Chill Is In The Air For Sellers

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A Chill Is in the Air for Sellers

By DAMON DARLIN and VIKAS BAJAJ

Published: May 9, 2006

(Taken from: NY Times)

Many Americans who planned on real estate as their path to wealth are beginning to find that there are limits to how high is up.

Blame market forces. As higher interest rates dampen demand in cities and suburbs that only a year ago were battlegrounds for fierce bidding wars among numerous buyers, sellers are grudgingly lowering their prices to drum up interest.

A house at 57 Marina Boulevard in San Rafael, across the bay from San Francisco, was originally listed at $1.45 million. The owner recently dropped the price to $949,000 when a competing house on the same street lowered its price to $959,000, from $989,000. In Marin County, the prices of about a quarter of all listings have been reduced. County records show that 57 Marina Boulevard was sold in February for $700,000, so the owner, Dan Marr, is unlikely to lose money even at the lower price, though he may not make as much as he had hoped. "I don't want to talk about it," he said...

Perhaps not convinced that even dropping the asking price by 1/3 will work, he even undercuts the other guy by a further $10,000!!! Ouch!!! :blink::D:P

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  • 302 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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