January 13, 2009
A Peek At The Sellers.
The national news about the real estate market continues to be
concerning distressing depressing.
However, it is a true statement that real estate markets are very much geographical. In other words, real estate markets are autonomous. And I would argue that some are more autonomous than others. I believe the Lake Vermilion market functions fairly independently from most geographical and economic influences.
Seller attitudes can be one indicator of a market’s direction.
Here are a couple of numbers for your review and consideration:
At this point in time the local MLS system has 69 total Lake Vermilion homes or cabins offered for sale. (See the link on the right side bar.) Of that group 20 have had asking price reductions. That’s 29% of the total. The average asking price reduction of that group is approximately 13% (from the original offered price).
The property with the largest reduction is this west end Lake Vermilion home offered at a 38% price concession.
What does this say about the local market? Does it indicate an advantage towards the Buyer? Is Seller motivation on the increase or not?
If you would like additional details on this information, please email me here.