Well of course they are, but a salutary effect of new houses coming on that are priced intelligently is that they’re forcing owners of old, stale listings to do a reality check. Some owners are stubborn, of course and sit in their unsold homes scowling, “nobody’s gonna steal my house!”
Other owners are getting the drift. Just to cite two examples, 11 Mountain Wood, priced at $6.250 million three brokers and three years ago, is currently asking $3.3 million. It still hasn’t sold, but an agent won’t feel like a complete fool showing the place now.
The sellers of 34 Sheffield Way, off Round Hill, paid $3,475,750 for the place in 2004, paid Hobbs what must have been a fortune to renovate it and put it back up for sale in 2005 for $5.395 million, where it didn’t sell. Five years later it’s down to what they paid for it: $3.495, so all of that renovation is tossed in free. The house may or may not be to your liking, but the price is certainly reasonable.
And so it goes. If this keeps up, we’ll have a vibrant market again, I hope.