International Investing

Sellers anchored on the 2006 price will be waiting a long time for an offer. There are just too many other choices available nationwide. A sobering article from Bloomberg says:

Selling in Miami? You are up against almost 80,000 listed condos and single-family homes, according to ZipRealty, an online brokerage service.

There are almost 30,000 units in Las Vegas; 42,000 in Boston; 35,000 in Seattle and 110,000 in Los Angeles. Those inventories are through October.

Price-cutting is the order of business in most major markets. The service’s price-reduction index, for example, shows that more than half the listings surveyed in Boston, Orange County and Sacramento, California, are discounted.