I participated in a "true" exchange of a couple properties in Wildernest. That's the first time in 23 years in real estate. It's rare because the buyer of the new property had to come up with a lot of cash. He got a good deal, which has made me think of the other "deals" out there.
It really depends on the seller. Many have owned their property long enough that they are going to make money even if they take a big discount. Another seller may not be in that position. The only way to find out is to make an offer.
Buyers are taking the plunge and getting the bargains. It's interesting to look at the sales price to list price ratio. Traditionally it was 95 to 97% of list. I just checked on single family homes and half duplexes so far this year it's 93%, condos/townhomes 95% and on land 86%. Last year the condos and homes were 96% and land 92%.
Let me know if you would like to jump in. I can show you what the history of sales have been. Interest rates are great.
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