Comments on: What the home price collapse looks like in a neighborhood http://blownmortgage.com/2007/06/29/what-the-home-price-collapse-looks-like-in-a-neighborhood/ #1 Free Home Loan Modification & Debt Relief Help For US Home Owners - Truths, Facts & News About the Mortgage Industry Sat, 07 Nov 2009 02:53:18 -0700 http://wordpress.org/?v=2.8.3 hourly 1 By: Robert Kerr http://blownmortgage.com/2007/06/29/what-the-home-price-collapse-looks-like-in-a-neighborhood/comment-page-1/#comment-328 Robert Kerr Fri, 29 Jun 2007 22:53:16 +0000 http://blownmortgage.com/2007/06/29/what-the-home-price-collapse-looks-like-in-a-neighborhood/#comment-328 <i>Where do you price your home when there is a short-sale up for $595,000 with an extra bedroom and square footage?</i> No higher than $599K. In this market, if you want to sell, you have to come down to within 1% of the lowest comparable or fuggedaboudit, you won't even get a second look from the buyers. We've got a condo complex here with 23 units for sale, mostly flips gone bad. Every month, 1, maybe 2, go under contract, and, without exception, the sales are from the very bottom of the price ladder. Anything outside the cheapest 3 or 4 units draws no interest at all. Where do you price your home when there is a short-sale up for $595,000 with an extra bedroom and square footage?

No higher than $599K.

In this market, if you want to sell, you have to come down to within 1% of the lowest comparable or fuggedaboudit, you won’t even get a second look from the buyers.

We’ve got a condo complex here with 23 units for sale, mostly flips gone bad. Every month, 1, maybe 2, go under contract, and, without exception, the sales are from the very bottom of the price ladder.

Anything outside the cheapest 3 or 4 units draws no interest at all.

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