What is interesting is that I’m seeing the same houses that have been on the market a year, still unsold and 8 out of 10 times with the price unchanged.
We've seen second homes in resort areas for sale for 4 years.
The banks have the money to just sit on them.
Of course, the homes are literally going to hell from lack of upkeep...lol
I’m seeing unsold houses with prices continuing to drop. One near me has dropped from 400K to 300K (3500 sq ft, pool, 1 acre), but they’ve left it at 300K for 4-5 months. Very nice home, but they will probably need to drop further to sell it. It is not a repo and is in fine shape, but...$85/sq ft is about as high as anyone seems to be getting around here. Most are selling at $75 sq ft, if in good shape.
I’d like to sell my house and build on a lot we own, but building would cost me $100/sq ft plus my money already spent on the land.
Eventually prices will come up because you cannot build a house for what they are selling for right now, but not until the repos sell - and that looks like it will take 5+ years.