Wednesday, December 29, 2010

Sharp Differences in How Fast Old North Homes Sell (03)

As we have all noticed, a fair number of Old North homes have come on the market in the last couple of years and have sold slowly, or many not at all. I can think of at least four that have failed to sell over long periods and have been taken off the market and now sit empty or have become rentals, apparently in desperation.

In contrast, an E Street home came on the market a few months ago, had four solid offers the first week, and the owner had to select a "winner." Indeed, the house sold for $35,000 more than the asking price. That is, there was a de facto auction.

We can all speculate on why this sharp difference in market response.