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Sellers Frustrated With Real Estate Market

Home Sales Down In Bay State

POSTED: 6:05 pm EDT August 15, 2006
UPDATED: 7:37 pm EDT August 15, 2006

Quarterly home sales are down in a widespread area of Massachusetts, but prices are only down slightly.

NewsCenter 5's Janet Wu reported Tuesday that in the Boston area, home sales are down 4.6 percent, sales in the northeast are down nearly 14 percent, central Massachusetts sales are down almost 16 percent and on the Cape, sales are down almost 19 percent.

Some sellers are becoming more and more frustrated with the real estate market.

After some serious renovations to his house last year, Bill Valentine put his antique Walpole home up for sale, but has had few visitors and fewer offers.

"We dropped the price $30,000 recently," Valentine said.

Realtor David Wluka said that last week's lookers liked the house, but their offer wasn't within spitting range of Valentine's asking price of $569,000.

"The buyers are ready. The sellers have yet to come to terms with the shift in prices, and when the prices adjust themselves a little bit more, buyers will come back out in the market," Wluka said.

Yet Wluka and other realtors won't advise buyers to wait. Comparing second quarter home sales in Massachusetts over the past four years, it's clear the peak was very recent so smart buyers are holding off. But Wluka dangles the financial guillotine.

"You'll never know if you hit the bottom until it moves the other way. So you're playing roulette and it's really not worth doing," he said.

"My plan is to wait for any reasonable offer or until my daughters are old enough to move in -- or my granddaughters, I should say," Valentine said.

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