From the Globe:
Tim deRosa, an assistant vice president at the Boston office of the Chubb Corp., bought his Brookline condo for $357,000, less than two years ago …
A $30,000 home equity loan enabled him to put in the top-notch kitchen he hoped would result in a higher sales price three or four years down the road. The 30-year-old didn’t count on meeting his future wife in the meantime, however. Now engaged, deRosa is trying to sell the condo for $399,999 so he and his fiancee can move to the North Shore.
He hasn’t had any offers, and he’s unwilling to drop his price. Far from worried, deRosa is businesslike about the turn of events. “I’m not desperate to sell – I don’t have to move,” he says. So he’ll wait it out. He’s refinanced the condo to lower his payment and plans to rent the unit if he and his fiancee find the right house.
I think a fair number of properties currently on the market have been listed for sale by owners who aren’t that interested in selling. If they get a full-priced offer, they’ll sell. Otherwise, they’ll let the property sit.
Of course, they probably have their homes listed at unrealistic prices, so they won’t get any serious offers, at least not now. Maybe in two years?
Meanwhile, those who have to sell, due to life changes, are stuck. Supply and demand does not favor these sellers.
Complete story (kind of boring, but at least read the first page, it’ll shock you): The homeowner’s day of reckoning – By Lisa Prevost, The Boston Globe