"Chasing the market down": What Jacksonville Home Owners need to know
This term has been tossed around more frequently over the last few months. I've heard sellers use it, buyers, mortgage professionals, and appraisers. Just what the heck does it mean?
The best definition is an example of what is happening every day in Real Estate during a declining or flat market. It's happening everywhere and it's definitely happening here in Jacksonville. Here are the steps as it most often occurs:
- Real estate agent suggest house price of $280k as comparable sales support that price.
- Owners insist on $300k. "Our house is nicer and we've added a _fill in the blank_"
- 3 months go by, little action after multiple potential buyers look at the home.