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Brian C
Joined: 13 Feb 2009
Posts: 98
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 Posted: Tue Jun 02, 2009 3:55 pm GMT Post subject: Re: Real case in immune towns: advise needed |
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| FieldGrass wrote: | The advises on "is this your final offer" not meaning anything are right. We kept our offer the same. The listing agent asked the same question again a few hours later, convinced our agent. But we sustained our offer. The listing agent told my agent then that with the offer as is, we will NOT get the house.
Between walking away and do something about it, we think it worthwhile to just test the water. We stepped up $5K. Our offer is expired by now and we did not hear back, which means they are going after other offers.
Our offer is actaully pretty strong. 6% below asking, 2% below assesment, any closing date (we are renting with flexible terms), strong finantials.
Apparently, this house is a hot-sell. Don't they see GenXer's gloomy outlooks? Or they are crazy-buyers as rogin16 and melonrightcoast's cases?
There must be sensible reasons.
Let me try to make an objective statement about this house.
Given uncertainties in the market, this house is still a good opportunity.
1. For many people, housing price trend is just one uncertainty out of many many others.
2. Excellent location, excellent school, acceptable house and yard, and reasonable price (around assement) still warrent a hot sell.
3. For buyers buying into location and school (whether it is reasonable to buy into these will take another debate), once the house enters into affordable range, it is (proven), and will continue to be a hot sell. |
In this area, how is the inventory?
Remember your in the time frame were families who need to move are scrambling to buy something before the school season starts. |
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john p
Joined: 10 Mar 2006
Posts: 1820
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| Posted: Tue Jun 02, 2009 5:18 pm GMT Post subject: |
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The thing about comperables is that sometimes they just cover square footage, lot size, and general house type and general condition. If an older place needs a new kitchen, you have to add $20k or so, bathrooms more, and if you don't like lot and the site needs plantings or repair to damaged wood all that stuff adds up. I know someone that bought a house for $400k and needed like $85k worth of work and he's still going, he has a long hit list of things to do and in the end he might as well have bought a $500k place.
Occasionaly, a place in a particular price point has a kitchen or back yard or a number of things that increase the value relative to other comps and they get a lot of traffic. Gen-X is right, the traffic dies down after the spring selling season. |
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john p
Joined: 10 Mar 2006
Posts: 1820
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| Posted: Tue Jun 02, 2009 5:19 pm GMT Post subject: |
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| I meant Brian C. |
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nickbp
Joined: 26 Feb 2009
Posts: 75
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| Posted: Sun Jun 07, 2009 3:31 pm GMT Post subject: |
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| JCK wrote: | | I agree that prices have gone up a lot in the last decade in MA, but the percent increase from 2000 to peak was greater in CA, particularly southern CA, as compared to to in Boston. I can't find the graphs online right now, but if you pull up the Case-Shiller graphs and compare Boston to LA, you'll see what I mean. |
Our bubble was already underway by 2000, I'm assuming it was helped by the effects of the dot-com boom. Here's a chart I made, others are here. For the data behind all those charts, see the .gnumeric spreadsheet in that directory. |
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balor123
Joined: 08 Mar 2008
Posts: 1204
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| Posted: Sun Jun 07, 2009 4:17 pm GMT Post subject: |
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| Nice graph. It shows one reason why lenders are wary of lending to buy condos: they're now the most overpriced. Only market worse than Boston for condos is NYC at this point. |
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