Breaking the seal
It was a momentous moment. After four months and two discounts, the pictured house dropped below the 400k price level. Why is this so momentous? The house sits within one of Burnie's McMansion estates, where eight houses, equating to over 20% of this estate are up for sale, and all houses were listed over 400k. That was until this week. It's now at $399,000 (I'm sure that $1000 was a true psychological barrier for buyers) down from $425,000. Reluctantly this owner has seen the writing on the wall and offered a token discount, while no doubt the other vendors keenly observe. Only one other vendor has seen fit to discount, and this amongst a group of houses that have sat, without interest, from two to seven months. The pictured vendor may still walk away with significant gains, the house was purchased in 2002 for $179,500, but it's the newer owners in the estate who will be getting edgy. When you shelled out 400-600k over the past couple of years and the guy across the ro...