I’m seeing some inventory build-up in the areas that I’m looking in.
The list price thing is interesting. I’m seeing some decent pricing by regular sellers, and those properties are generally moving. I am seeing some properties with “not unreasonable” pricing that I expected to go pending just sitting.
OTOH, I’m seeing some absolutely insane pricing by banks holding REOs. I don’t mean just high pricing, but like “we’re smoking crack in the back room” pricing. You’d think banks would be more objective about moving these things. These are vacant properties with tear out carpet, multi-color walls (holes are no extra charge), various green bodies of water, and dead landscaping being priced at the same level as a totally fixed up house that’s well maintained with tons of expensive upgrades. Not surprisingly, those properties aren’t moving.
