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Peters Township Market Stats

Here is a rundown of what is going on in Peters Township real estate!

Here is a rundown of what is going on in real estate! 

  • There are currently 126 residential properties on the market.
  • 1 active "to be built."
  • There are 35 "contingent" residential properties.
  • There are 11 "under contract" residential properties.
  • There were 23 SOLD residential properties last month.
  • There were 19 residential properties "withdrawn" last month.
  • There was a whopping 328 residential properties "EXPIRED" last month.

 

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Roger September 10, 2012 at 10:22 AM
What is meant by "expired?" Are these properties that were For Sale, with a contract by an agent/owner, that were never sold and the contract expiring? Is this in contrast to "withdrawn" for those properties whose owners chose to cancel the contract before a sale was consummated? If I understand this correctly, 347 properties (328 + 19) are no longer on the market, but 126 remain. This means that for every property being offered For Sale, nearly three times that many were taken off the market. Is this typical? The pool of available properties suddenly is smaller, driving up the prices. Have I got this right?
Brian Teyssier September 10, 2012 at 11:09 AM
Thank you for your comment Roger. "Expired" & "withdrawn" are the same with the only difference is when "withdrawn" the listing broker still retains the listing contract so another broker cannot list the property. Only the sellers and their agent know the reason why it was withdrawn or expired. Some reasons could be the seller decided to rent it, do some updates with intent to put back on the market, just cannot sell because they may owe more than it is worth, Properties are usually only "withdrawn" or "expired" when not "contingent or "under contract". The expired amount is always high because sellers that have had their property on the market a long period of time will take it off then put it right back on to "freshen" it up and getting it a new "MLS" number appealing to newer buyers. I hope I thoroughly answered your question.
Roger September 10, 2012 at 11:39 PM
Brain, thanks for the answer. I have no vested interest, but do traverse the neighborhoods daily and see the signs go up and down, then watch for the transfer in the paper. But, I am interested in how the markets go, and what makes one property more appealing to buyers than another. No need to answer, but I'm wondering how many owners just "put their line in the water to see what bites." They are under no constraint to sell, but if a buyer comes along that will pay their price, they will choose to act. These folks must be frustrating to agents, as the expense to do the listing, advertising, etc. is costly, but nothing(?) is to show when the contract expires. Obviously, everybody has their reasons for entering the market with their property. Thanks again.
Brian Teyssier September 12, 2012 at 07:36 PM
Roger, Well "line in the water" concept is tough nowadays for a few reasons. One is if the buyer would be obtaining a mortgage, there is an appraisal. With the not so distant problems of the real estate market being properties magically appraised for the agreed up on price now gone, properties cannot be sold for price too far over market value. Appraisals have been coming in right on point and some times even low. This would render the whole put a property on the market for a high price and leave it sit an unwise decision. It would be a waste of time for everybody. Does it still happen, yes!!!! If an agent decides to list an overpriced listing that is up to them and they may have their own reasons like they just need listings or maybe it is a big one and gives them credibility to other potential listings or maybe they are hoping for a cash buyer, most know that the seller will ultimately have to reduce to market value so the agent just hangs in there! Bottom line, who knows why people do what they do!!!! :-)
Ally October 18, 2012 at 06:00 PM
Brian, you need a nice man's haircut.

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