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Home Prices will Hit Bottom When Seller's and Agents Have a Reality Check

April 13, 2009

Analysis of:When home prices hit bottom | money.cnn.com

The housing market will improve dramatically when Seller's finally realistically price houses and Listing agents stop buying Listings. This is particularly true in the luxury house market; i.e., (houses priced in excess of $1,000,000.) For example in McLean, Virginia; houses in the 22101-22102 zip codes, for the first 13 days of April, 2009, saw three (3) new listing in that price range entered the market daily. As contrasted to the month of March, where 54 new listings entered the market since the 1st. At the current rate of new listings entering the market, the current inventory in this price range will nearly double month over month, adding to an already bloated inventory. Currently there are 250 active listings in 22101-22102, of which more than 55% are in excess of $1,000,000. That combined with the total luxury house inventory inside the "Beltway" of 559, illustrates the vast selection available to well healed Purchasers and the significat conpetition facing Sellers.

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