Florence Oregon Pricing Desparity Harms Sellers

There still appears to be a continued trend of large price desparities (list price vs actual sale price) with "list at any price" brokers in the Florence Area.

The 30 days preceeding this posting, has netted 13 sales, with average sale price of $202,000 and 220 DOM (days on market) for those sales.

The current active residential housing inventory is 487 homes with an average list price is $271,000 and average DOM of 304 Days.

The good news is that there are still a few practitioners that are actually presenting the comparable sales to sellers and are getting the job done.

No matter how you slice the cake, everyone is harmed by overpricing. Buyers and Sellers need to be given the black and white data so they can be afforded the opportunity to decide what is right for them.

Florence Oregon Real Estate Showing Activity Up

The 30 days previous to this post has netted a total of 10 solds out 482 active residential lisitngs with an verage asking price of $273,000. The sold properties average sold price was $187,000.

Interest rates have moved up close to a full percentage point in the last 2 weeks to around 5.75% apr for a 30 year fixed rate mortgage.

I believe that many American homebuyers are at a crossroads. They either believe we are at the bottom of the "tub" and there will never be lower prices or interest rates than today or they beleive the bottom is about to drop out of the "tub" on a long term and global economic basis.

I am personally convinced that inflation caused by the government's ravenous appetite for debt, forces interest rates to only go up from here!

Florence is Buyers Market!

As of this posting, Florence inventory has risen to 473 residential properties with an average asking price of $278000 and an average DOM of 300.

In the preceeeding 30 days we are down to 10 closed sale and an average sale price of $169,000.

Note: In a small market like Florence, average sales price can vary greatly. All it takes is for a lakefront or oceanfront home to sell at a million, and the 10 sales average is drastically changed.

For example, a 2 month snapshot of average sales prices indicated $194,000. A 3 month look would reveal $207,000 and a 6 month search would turn up $217,000 average sale price).

Of the residential properties that sold in the last 30 days, the average DOM was 152. They sold because a few real estate practitioners rose above the "list at any price" brainwashing and actually got the asking price close enough to matter!

Tax Credit for 1st Time Buyers

Evidently the idea of the federal government monetizing the 1st time home buyer tax credit for a down payment on a FHA loan is in the works. See http://bit.ly/U276T for more infoormation.