I’m seeing a lot of houses coming back on the market for the hoped-for spring market, priced at what they didn’t sell for last year. This Old Stone Bridge house is typical. It started at $1.830 million in 2008, dropped to $1.640 a year later and was pulled from the market last September. Today it’s back at that same $1.640 (assessment is $1.223).
Perhaps this spring will see the turning point. While it’s possible that the sellers’ hopes will be rewarded and they’ll finally get their prices I’m guessing that they won’t and surely at least some of them will grow weary of having their house on the market for so many years and will concede to reality. Maybe not, but I’d advise buyers to wait a bit before rushing to pay current prices. Obviously, there are exceptions to this advice, but come June, as the market ends, I think we’re going to see some discounting going on.