Owners of Murrells Inlet real estate priced over $500,000 are seeing some of the largest price declines in the market. The most recent example turns out to be a New Construction located in a Gated Community with all the bells and whistles including a dock on the water with access to the ICW. After coming on the market priced above $1,100,000 in April of 2008 and having several price adjustments to a final list in the low $900’s the property recently sold over $100k below the final asking price.
On average the properties selling in this price point since January 1, 2009 have been on the market 376 days and surely appear to have been chasing a down market. Of the homes sold the average sale prices are over $290k below list price with the largest being $568k and the lowest $115k.
Owners of all area Real Estate need to make sure their REALTOR® sets the original list price in line with actual sale prices in their neighborhood and has a plan for price reductions in place should the market continue to decline. Using real time data to educate you about your homes current value based on current market conditions should be part of every discussion when selling your home in order to avoid chasing the market down to effect a sale. Copyright 2009, Sandra Bundy, Broker-in-Charge, B&P, Inc.
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