ANOTHER BIG WEEKEND FOR CONDO SALES
While the market still shows lots of listings, there is actually a shortage of properly priced listings. Experts only look at the total and say excess supply - prices must still be falling. Potential buyers know otherwise. A properly priced property will often get multiple offers. I know the stories from my agents - six offers this week - all multipls - and I only won two of them.
So what constitutes a properly priced listing? If it over a million, prices should be 15-20% lower than last year's peak. Over $500,000 prices are down by 10%. When you get under $300,000 prices are about the same as last year. The best way to tell is to hook up with an agent who specializes in the area.
My best advice when you find the properly priced listing, and it has only been on the market for a day or two, is to come in at full list price! That way you probably can escape the multiple offer scenerio.
However I am always open to better suggestions??