Friday's Deep Creek Price Change Spotlight

With the Easter Holiday, this week in the Deep Creek real estate market got off to a slow start, but listing activity and price change activity picked up mid-week just in time to give us a classic example of chasing the market down. 1601 DEEP CREEK DRIVE Dr SOUTH #16 is that property and the property in the Deep Creek Price Change Spotlight this week. This property was listed in July 2009 for $589,000; 6 price reductions and 647 days later, it is now listed at $485,000.

Now, hypothetically speaking, imagine this property was overpriced by 10% in July 2009 and Deep Creek real estate prices have declined by 20% since 2009. If that were the case, then this property would still be overpriced by nearly 10% in 2011. On the other hand, in this scenario, if the seller had taken action to price the property at market in the first place they could have potentially sold the property much sooner and at a higher price than it is currently listed for (10% less than $589,000 is roughly $530,000).

Sellers beware of chasing the market down. Buyers beware that these properties still may be overpriced if you consider how much the local market has declined.

Don't forget to check back to Dan's Deep Creek Blog for your future updates on Deep Creek real estate statistics.