October 10, 2005

Word Of The Day: Palpable

Under the heading “Signs of a changing real estate market”, Inman News kicks off a three-part series on the rapidly changing real estate market. And wouldn’t you know it, Northern California takes center stage.

Visitors cruised through the two-bedroom, one-and-a-quarter-bath Northern California home offered for $479,000, but "not as many as there would have been six months ago, or even three months ago," said Maggie Resnick, the Prudential California Realtor overseeing the open house. "The market has changed, and it changed quickly."

Out of 11 people who cruised through the house in Richmond, Calif., three couples were neighbors checking out the house and three were selling their own homes and looking for marketing ideas and comparing prices. The lone remaining visitors, a couple currently renting in Richmond, were the only potential buyers – and they said they were "not interested" in the house.

August is slow, so everyone said maybe that was what was going on," said Resnick. "Then September came, traditionally a busy time, but things are still not going quickly. There's a palpable change in the market."

That’s right, “palpable”. And although we try not to link to sources that require a subscription, in the case of Inman News, the current days articles are free. So if you’re going to read the full article, do so before midnight tonight.

Signs of a changing real estate market [Inman]

First Published: October 10, 2005 9:19 AM

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