A reader complains that the available houses for sale right now are boring and I agree. We’re not getting new listings, just re-treads, with new brokers, the same brokers and even higher prices. When something “new’ does come on, it’s usually like one that hit the market today – owners paid $5 million for it in 2006, updated the baths and have it back on for $6.8. They may find it exciting to contemplate a $2 million profit on a couple of hundred thousand dollars (I’m being generous here) of home improvements but I find it dull – just another high end house going nowhere.
I am convinced that a seller could break free of this ennui by really slashing his price and standing apart from the crowd of otherwise undistinguished offerings. The owner of a house on Lockwood Road in Riverside did that, dropping from $1.575 ( a decent price as is) to $1.350 and selling immediately for $1.3. So it can work, but Lockwood was a relocation sale, meaning the owner was probably protected from loss by his employer. Those who aren’t aren’t willing to take a loss, yet, so they stand pat – as buyers are.