I had conversations with two separate upper end sellers this week. One I currently have the listing and the other is contemplating listing with me. The latter had their property listed previously with no luck.
Both are frustrated with the lack of movement, (and lack of showings) that they received on their properties. On one of the homes, they had one person look in twelve months.
Normally when you get that kind of response, (or lack thereof) you would immediately point to pricing. However I think the issue is more the market than the price.
Right now there are eighty-one residential homes for sale over five hundred thousand dollars on the Sullivan County MLS. And only six have sold so far in 2014. Even if we generously assume that four more will sell before the end of the year, that is still only ten, making it a whopping eight years to clear inventory if no new homes were to come on the market.
With those kind of odds, no wonder upper end sellers are frustrated. In order to have your home sell, it needs to stand out. It needs that “it” factor. Although some may argue that the buyer’s market is shifting, there is no question that buyers with deep pockets are firmly in control.
They are rare enough that they can slowly and carefully pick over the inventory.