The past week in the Baker City real estate market held to the pattern that we have seen over the past several weeks. Several new listings, only one new pending sale and no closed sales. Properties are being shown and offers are being written, however, we are not seeing a successful outcome from those offers. Buyers are coming in several thousand dollars below asking price in hopes of getting a deal and sellers are not willing to drop a significant amount. We are eagerly anticipating the next Market Action report to see how prices are holding up. The Baker City real estate market has not seen price declines like other areas of the US or even Oregon. However, we have seen a significant decrease in the number of sales. The answer is somewhere in between what buyers are hoping to get and what sellers are willing to sell for. Sellers who are not motivated to sell their property (meaning a reduction in the listing price) may have a long wait. And with more properties coming on the market daily, the wait could be long. Buyers also need to adjust their mindset. This isn’t Bend or Portland, where there were sometimes 50% drops in prices. With interest rates still incredibly low, stubborn buyers may miss a generational opportunity to buy a fantastic home at a fair price. Keep checking here for the latest information and statistics!
Click Here for the Report: new-pending-sold-report-3-30-to-4-5-09