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Just had a long chat with my real estate source in overpriced house area. She says that this realtor is notorious for overpricing houses, which I know. She also thinks my chosen neighborhood is worth more than I think it is. So, I guess we'll see who is right. There is a new build over there that is also way expensive. She doesn't agree with me. But we are at over 150 DOM.
Home sellers slashing prices nationwide, NYC real estate prices drop
3:28 PM ET Fri, 21 Sept 2018
Misleading headline. It never discussed what actual sales price trends were, only that active listings had reduced prices. It was also mostly specific to NYC. Price reductions are common in listings, especially outside of summer. Later in the report it mentioned the vast amounts of new construction leading to additional inventory. Unless there is something compelling out a resale people will almost always buy new construction over a resale. Given that plus the time of year it's no surprise many resales recently reduced the asking price. Some of that was probably coupled with overpriced listings. Sellers know they are in control right now so many of them where probably trying to reach for the moon with an asking price to see if they could find a taker.
However, it is worth monitoring closely. These are indicators to watch, but not a reason to think the sky is falling yet.
We have a similar situation. We have been looking for land and or a house in a certain area for about 6 years prior to my retirement which happened just this past week.
We bid on a house the other day in an HOA area where most of the homes in the area are more upscale than the home we chose.
Husband conferred with our realtor and picked a price 50K less than asking. The home is perfect - other than it has absolutely NO curb appeal. You can't even see the house from the street because of the unkempt brush/trees. The listing agent indicated to my spouse that because of deer and groundhogs no one can keep grass.... there is no back yard. IT drops off quickly over the side of the hill.
We have dogs and will have to figure out how and where they relieve themselves.
A house just up the street - LISTED AND SOLD by this same listing agent has a gorgeous landscaped front and back yard. Grass and Trees and beautiful vegetation.
I think we're being gaslighted.
Our offer was not accepted and he countered 24K lower. The owner is a widower who recently moved to Senior housing. After hearing our offer he exclaimed, "I'd rather rent the place than take that offer".
Well - to be honest - he could lose that 24K in the both the cost of hiring a property management company and they would not be responsible for any damages the renters cause. We smell desperation. Also - the HOA has an agreement with the OWNER not the renters nor any property management company. Idoubt he wants to deal with that and finding responsible renters. Rent for homes in this area is about $3K a month.
We came up 5K and are holding firm. OUR realtor will be telling them what we said about the landscaping and the comparables. We are VERY much in the right ballpark. I wonder if the listing agent would level with the owner.
Prices are dropping quickly in the area...... fall and winter season means less activity.
We have a similar situation. We have been looking for land and or a house in a certain area for about 6 years prior to my retirement which happened just this past week.
We bid on a house the other day in an HOA area where most of the homes in the area are more upscale than the home we chose.
Husband conferred with our realtor and picked a price 50K less than asking. The home is perfect - other than it has absolutely NO curb appeal. You can't even see the house from the street because of the unkempt brush/trees. The listing agent indicated to my spouse that because of deer and groundhogs no one can keep grass.... there is no back yard. IT drops off quickly over the side of the hill.
We have dogs and will have to figure out how and where they relieve themselves.
A house just up the street - LISTED AND SOLD by this same listing agent has a gorgeous landscaped front and back yard. Grass and Trees and beautiful vegetation.
I think we're being gaslighted.
Our offer was not accepted and he countered 24K lower. The owner is a widower who recently moved to Senior housing. After hearing our offer he exclaimed, "I'd rather rent the place than take that offer".
Well - to be honest - he could lose that 24K in the both the cost of hiring a property management company and they would not be responsible for any damages the renters cause. We smell desperation. Also - the HOA has an agreement with the OWNER not the renters nor any property management company. Idoubt he wants to deal with that and finding responsible renters. Rent for homes in this area is about $3K a month.
We came up 5K and are holding firm. OUR realtor will be telling them what we said about the landscaping and the comparables. We are VERY much in the right ballpark. I wonder if the listing agent would level with the owner.
Prices are dropping quickly in the area...... fall and winter season means less activity.
ANOTHER open house this weekend. No price drop of course.
Selling a house is a difficult and stressful process.
Whether they are actually overpriced or not, I would really be bothered to find out that a potential buyer had been stalking my real estate "activity" online and smugly celebrating every misstep along the way.
Thanks. This is our third realtor in the over 5 years we have been looking.... We've not been too serious until the last year. If something popped up we would have already grabbed it.
We looked at raw land but that's a difficult proposition unless it's in an already established subdivision. And water access is a huge issue here (California central coast).
The first realtor passed us onto another person - and they lost interest in us because we were out of state. The second guy was local - but wanted to sell us property he had an ownership/interest in. At waaaaay high prices. A 2 acre property he listed for $275K..... we knew it was over priced and offered $210K... They did not accept.
A year later it was sold for $175K. See? We knew it was overpriced.
Our third realtor is the real deal. Nice guy... with us through thick and thin. I hope he helps us get the job done.
Selling a house is a difficult and stressful process.
Whether they are actually overpriced or not, I would really be bothered to find out that a potential buyer had been stalking my real estate "activity" online and smugly celebrating every misstep along the way.
Not sure what 'misstep' you think I am celebrating?
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