Trends may take longer than 60 days to prove they are trends and not aberations. With that being said, if the trend continues, we should see homes that come on the market in March and April priced in line with buyer expectations. I say that because the homes that sold in January and February will set the price points for appraisers who use recent sales as comparables.
Regardless of the neighborhood, research completed by a group of realtors with Restaino & Associates, shows home owners are adjusting prices down after months on the market and closing on offers that are satisfactorily close to their final asking price. The offers they accept come in within weeks, instead of months, when they get to the right price.
Later this week I will post some charts showing what might be trends. I think this information will be helpful for home owners who look to put their homes on the market in June and July---after the spring rush.
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