Real estate poll results: Asking prices
How 'bout dem asking prices for Baltimore-area homes?
I put this to you a week ago, and nearly nine in 10 of you said "overpriced." And about four in 10 of you polled folks say you're homeowners, so this isn't just coming from renters in search of rock-bottom deals.
Here's the full breakdown as of right now:
Forty-three percent chose "overpriced by more than 20 percent."
Thirty-five percent opted for "overpriced by 10 to 20 percent."
Nine percent said "overpriced by less than 10 percent."
Ten percent, meanwhile, said "fairly priced," and the remaining three percent chose "underpriced by 10 to 20 percent." (No one opted for the other underpriced options.)
I also asked for a bit of demographic information to put the answers into context -- and help me get to know you better.
Forty-eight percent of you say you're renters hoping to buy now or in the fairly near future, and 14 percent are homeowners hoping to sell within that same time period.
Twenty-four percent of you are homeowners not planning to sell anytime soon, and 13 percent are renters not planning to buy anytime soon.
And one person identified him or herself as an industry pro.
Thanks for weighing in, everyone. Are these results what you expected?







Comments
Prices in this area actually did not drop in concert with many other areas of the country. We are now catching up and one does not know bottom until AFTER it has happened. I felt the customary spring influx of sellers would tell the tale and that is exactly what has ocurred. If you look on realtor.com you will see a lot of inventory at the high end in the choice locations in Baltimore City. I live in Roland Park and I have followed those areas for some time. My own property happens to be for sale. Fortunately my LV is very modest, even with market adjustment.
I also do not believe the price depreciation is as drastic at the lower end of the market. That may impact people trading down.
If you look carefully at many properties in the choice locations you should notice that many of them, though appearing very nice from a distance, have a lot of issues with deferred maintenance. Any seller putting a property up for sale without dealing with those issues is going to get KILLED.
Posted by: Bob Kean | May 29, 2009 2:49 PM