Million Dollar Homes Slow Down
Some of my colleagues say their volume has not slowed down much, but when I look at the areas they focus on, I understand why. As shown in September’s Oakhurst home sales below, it’s clear that the properties under $800,000 are still moving. Once you get to the million dollar mark, the activity is much less than a few month’s back. As of today, we have about 6 homes on the market for every buyer out there in the million price range. This is a lot of inventory. If you are a buyer in this price range, you are not only in a great negotiating position, but you are highly likely to get the home of your dreams with all the bells and whistles. Bottom line, homes that have highly desireable features, (views, privacy, size, quality upgrades) are always going to go first. For those of you that have a million dollar home in Oakhurst on an “average” lot with no upgrades, adjust your expectations of your home value by a bit. Sorry, but the buyers will determine market value and your neighbor who sold his house 5 months ago really did get top dollar in 2005.
