I was catching a stream of tweets from Spencer Rascoff, CFO of Zillow today and it was riddled with price reduction stats happening all over the country. It seems about 25% of the listings out there are being reduced showing there is still a considerable excess of inventory on the market.
I met Spencer recently in San Francisco and had a brief conversation about the improved data coming from Zillow. Their Zestimate was once laughed at by colleagues(at least here in The South) in the real estate market but now is becoming increasingly accurate. Now they have tons of data on each market including this most recent data on price reductions all they way down to the neighborhoods.
In saying this I want to point out the incredible reductions happening across America making an even stronger case for the “Now is the time to buy” crowd. I’ve talked to many people who are considering buying an investment home but are simply too focused trying to time the market. I think it is pretty clear that we are somewhere near the bottom if not at it. We’ll be looking at 2million foreclosures for the next 3 years so a run up in prices might not happen anytime soon. Why not reap the tax and cash flow benefits now?
Couple options, work with a turn-key company or know that if you prefer to go it alone, the price reductions mean you can negotiate the list price on the market down.
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