Comments on: 2008 Deep Creek Lake Area Real Estate Market Statistics http://realty.railey.com/blog/index.php/2008-deep-creek-lake-area-real-estate-market-statistics/ Deep Creek Lake Maryland Real Estate - Insights, Market Trends, and News Fri, 18 May 2012 05:55:04 +0000 http://wordpress.org/?v=2.7.1 hourly 1 By: Mike Kennedy http://realty.railey.com/blog/index.php/2008-deep-creek-lake-area-real-estate-market-statistics/comment-page-1/#comment-8254 Mike Kennedy Tue, 27 Jan 2009 22:51:41 +0000 http://realty.railey.com/blog/?p=120#comment-8254 Colin - according to our MLS for the past 6 months the spread between asking price and sold price is about 6.5%. Some properties sell close to asking price while some have a great disparity as you point out. Like I said in my post above it usually comes down to the seller's motivations. Some are much more motivated than others - while some will wait a long time until they get their asking price or close to it - which is can be years in some cases. One of our sellers left his property on the market for nearly 3 years until he got his price! Also, please do not confuse asking price reductions with a correction in overall real estate values. Asking prices are just that - what the seller wants to get for their property - however asking prices and list prices are not market proven in any way. I could have a property worth $100,000 - list it for sale for $200,000 and then reduce the price to $150,000 - this doesn't mean my property value is worth $50,000 less. It just means I'm offering it for less. Sold prices are the market proven values buyers and sellers should be concentrating on - the sold price put another way is the amount a ready, willing, and able buyer (not seller) is willing to pay for a piece of property. In a nutshell asking prices and sold prices are like distant cousins. Colin - according to our MLS for the past 6 months the spread between asking price and sold price is about 6.5%. Some properties sell close to asking price while some have a great disparity as you point out. Like I said in my post above it usually comes down to the seller’s motivations. Some are much more motivated than others - while some will wait a long time until they get their asking price or close to it - which is can be years in some cases. One of our sellers left his property on the market for nearly 3 years until he got his price!

Also, please do not confuse asking price reductions with a correction in overall real estate values. Asking prices are just that - what the seller wants to get for their property - however asking prices and list prices are not market proven in any way. I could have a property worth $100,000 - list it for sale for $200,000 and then reduce the price to $150,000 - this doesn’t mean my property value is worth $50,000 less. It just means I’m offering it for less.

Sold prices are the market proven values buyers and sellers should be concentrating on - the sold price put another way is the amount a ready, willing, and able buyer (not seller) is willing to pay for a piece of property.

In a nutshell asking prices and sold prices are like distant cousins.

]]> By: Colin http://realty.railey.com/blog/index.php/2008-deep-creek-lake-area-real-estate-market-statistics/comment-page-1/#comment-6685 Colin Sun, 18 Jan 2009 00:14:41 +0000 http://realty.railey.com/blog/?p=120#comment-6685 I believe that the Deep Creek market has seen a value correction. lf you visit the Railey Realty sold properties site, you can see a significant disparity between asking and selling prices. If you look at Deep Creek real estate brochures from last summer and look up those same properties online, you will see that (1) a large majority of those same properties are still on the market; and (2) many have greatly reduced the asking price. I believe that the Deep Creek market has seen a value correction. lf you visit the Railey Realty sold properties site, you can see a significant disparity between asking and selling prices. If you look at Deep Creek real estate brochures from last summer and look up those same properties online, you will see that (1) a large majority of those same properties are still on the market; and (2) many have greatly reduced the asking price.

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