The folks at Trulia are out today with a survey of their listings, showing that 30 percent of Washington-area listings have had at least one price reduction. That's more than the national average of about 24 percent. The average price cut around here is 10 percent off the original list price, about the same as it is nationally. Also, the Weekend Poll: How much savings should first-time buyers have left after closing?
It looks like we're heading into a foreclosure-sale weekend in the Washington area. Bus tours and auctions are both scheduled.
Yesterday I had a quick cup of coffee with Glenn Kelman, president and CEO of Redfin, an online real estate brokerage, and Karen Krupsaw, the company's manager of the DC-area market. And while they said business is way, way up this spring ("our best May and June ever," according to Kelman) he expressed some concern about whether it would stay that way going into fall.
A new state law that went into effect June 1, says you (and your insurance company) are responsible for repairing damages to your unit, and the condo association (and its insurance company) is responsible for repairing damages to the commonly owned property. What's new is that the association can require you, the owner of the unit where the fire started, to pay up to $500 of the association's insurance deductible covering repairs to that common property.
Question: After nine months of looking, a house just came on the market in our dream location and in our price range, with newly remodeled kitchen and baths. Heaven, right? Well, apparently the basement is "damp," which is common along that street. Do you think it's reasonable to ask the sellers to fix this?