Nothing to write home about – retreads and an overpriced home or two and that was that. It happens, especially during weeks when schools are out and anyone with a life has left town. But, and not to suggest that they don’t have a life, I did chat with two of the best agents in this town and we all have the same complaint: no inventory.
We have buyers, we’re all getting emails and phone calls from them expressing pretty much the same thing: they’re ready to buy, they want to go out and look at more houses, what’s come on that’s good? And we’re all giving the same answer which is, nothing, and anything new that does show up is overpriced – the only thing to do now is to wait.
All of which is frustrating, of course. According to the Greenwich Multiple Listing Service (GMLS) there are 420 active listings for single family homes right now, in all price ranges, so you’d think that between a flood of able, willing and ready buyers and all those properties some matches could be made and, of course some are. But for the most part those houses have been shown and for whatever reason they aren’t selling. As always, I’d look first, perhaps exclusively to price because in Greenwich, nothing can be so wrong with a house that the right price can’t cure.
If I were a home seller whose house hasn’t sold I think this would be a good time to sit down with my agent and have a serious discussion about price. Right now there’s a large pool of eager buyers who can’t find anything to buy – if they’ve looked at your house and passed, and they have, it’s because they don’t think it offers the right value. In a month or two more houses will come up for sale and will be competing for those same buyers. It’s certainly possible that the fresh inventory’s prices will be so high that your own house will suddenly look attractive; in fact, that often happens, but if you want to be sure of selling your house and want to end the process now, talk to your agent and figure out what price will make your house stand out, rather than continue its bland existence as just another one of the overpriced choices currently going nowhere.
As an aside, I noticed just now that Shore & Country has stopped providing its excellent market statistics, which is too bad. But Raveis still does and the data is still readily available. Check it out here.
UPDATE: Shore & County does still provide the data:
Hey Chris – Russell Pruner here – we still have our most accurate Greenwich Market Stats you just couldn’t find them at our new website – ShoreandCountryProperties CountryProperties.com. Here is the link if you need it –http://shoreandcountryproperties.com/greenwich_market_data.html