A Sign of the Times...Million Dollar Price Reduction

I don't know about you or your housing market, but the media is beginning to say that housing market here in our part of the world, is getting better.  They use words like "builder confidence," and "consumer confidence" and other kinds of terms. 

In the meantime, those of us who live and breathe Real Estate continue to take a look around and scratch our heads.  We may be beginning to come up off the bottom, but things aren't really all that rosey yet.  Take, for example, this price reduction I got yesterday in my email.

When the email popped into my Inbox, I couldn't believe it really said what it said.  It read, "Seller Reduced $1,000,000.00!"  So I opened up the email and sure enough, it say's, "Home is listed for $2,999,000.00.  The seller is willing to sell it for $1,999,000.00."

Now in places like California I imagine this kind of price reduction might be something you occasionally see, but not in Oklahoma.  Our housing values have remained constant and steady.  Price reductions tend to be more in the 3-4% range.  A $150K home, for example, will often price reduce by $5000.00, not by $49,500, which is approximately 33%.  This is the amount the three million dollar home is being reduced by.

In all fairness, we're not seeing this kind of drastic price reduction on a daily basis.  But we are seeing houses in higher price ranges sitting longer.  In Owasso, homes priced about $300,000 are typically taking longer than about 6 months to sell. 

Hopefully, we'll see a market turn around soon.  However, winter is coming and so is November 2nd.  There isn't anything we can do about wintertime sales.  But come November 3rd, I believe we'll either see a housing market warming or further freezing of the housing market.  We'll see!

Originally Posted at: My Owasso Home