The 5 most expensive States to buy a home in desending order according to landvoice.com based on average list prices that are FSBOs for that State: Hawaii DC Cali Nevada New Jersey
In the desolate areas, but think about the Vegas area. That bumps the average way up when you factor in that. Just like how California has it's cheaper areas, but when you factor in the cities ...
yeah here, there are new 1 & 2 bedroom lofts going up all over the place and the lowest starting price is $500K for a loft. back in the day you'd be living a block from the ocean at that price.
too many peeps buying makes it a sellers market. the problem is not enough peeps are buying, hehe
DARN YOU IAN! LOL see you need to bring back the ability for us to modify our musings! i'm mexican, i make SO many grammatical errors!!! now everyone knows how mexican i am!!! LOL
I meant to say its not a sellers market cause NO ONE IS BUYING....LOL
More, technically, it's based on absorbtion rate. Put simply, you get the figure from all the active comps' days on the market and how long it will take to sell off all that inventory.
A 1 month - 4 month absorbtion rate is a seller's market. 5 - 6 month rate is a normal market. 7 months + is a buyers market.
I have an Excel workbook that figures this out for me after I input the necessary information.
Last time I heard about Rumson, NJ's absorbtion like late last year early this year, it was a 3 year absorbtion. hahaha
Unless you live in the SF bay area, where an average of 30 days on the market is considered a buyer's market. :)
The rule of thumb is any house should sell within 30 days or within 30 showings, whichever comes first. (Even in my area of NJ where the market absorbtion is about 7 months, and there are many expired listing contracts) If it doesn't sell within a month, it pretty much means it's priced above market value. The market here in NJ could move as fast as SanFran if more sellers were listing at market value, rather than pricing way above, waiting on chance for someone to come see the home, and finally after months, wind up negotiating the contract of sale anyway. Thing is listing price scares a buyer from even coming to see the house without knowing their potential negotiating power.