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Boston brokers: Buyers wage bidding wars as real estate bott

 
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Joined: 14 Jul 2007
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Location: Greater Boston

PostPosted: Mon May 11, 2009 1:27 pm GMT    Post subject: Boston brokers: Buyers wage bidding wars as real estate bott Reply with quote

Use this forum thread to discuss the following link.

Description: Boston brokers: Buyers wage bidding wars as real estate bottoms out
URL: http://boston.bizjournals.com/boston/stories/2009/05/11/story6.html?b=1242014400 ...truncated...
Info/Broken?: http://www.bostonbubble.com/link_info.php?id=2344

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melonrightcoast



Joined: 22 Feb 2009
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Location: metrowest

PostPosted: Mon May 11, 2009 1:44 pm GMT    Post subject: Price well and it will sell Reply with quote

The most telling quote of this article:

“It’s almost like a market within a market,” Ye said. “If you are well-priced and your condition is great, these (homes) are moving.”


I think if all the properties that are on the market in the town we are looking to buy in (inventory level is FINALLY back to what it was in January) cut 10 - 20% off their asking price right now, I think there would be a whole bunch of pending sales. But sellers aren't reducing prices too much. Almost all are very overpriced, and they are sitting. I think the number of "cancelled" listings is equal to the number of "pending" listings in the past month.
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PostPosted: Mon May 11, 2009 7:56 pm GMT    Post subject: Reply with quote

Melonrightcoast, are you working with a realtor? If so, do they have access to data on what these sellers are accepting? (I'm sure it's unethical for them to talk about a particular property but I wonder about trends).

I'm also noticing that sellers generally aren't dropping the asking price but I wonder if they are accepting lower offers none the less (since it takes about 60 days to close I wont know until Sept) -- I noticed a few houses that have been on the market since October go pending...My jaw would drop to the floor if someone offered asking, or even 5% within asking...
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melonrightcoast



Joined: 22 Feb 2009
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Location: metrowest

PostPosted: Mon May 11, 2009 8:39 pm GMT    Post subject: dropping asking prices Reply with quote

Quote:
I'm also noticing that sellers generally aren't dropping the asking price but I wonder if they are accepting lower offers none the less (since it takes about 60 days to close I wont know until Sept) -- I noticed a few houses that have been on the market since October go pending...My jaw would drop to the floor if someone offered asking, or even 5% within asking...



I've been following our target town (call me self-serving, or superstitious, but we don't need any more buyers as competition Smile ) very closely since January. With only a couple of exceptions (what can I say, except some buyers are idiots), houses are selling at prices that reflect a 10 - 15% drop in price since 2006. Houses that are priced well (10 - 15% below 2006 prices) and are updated and well maintained are moving quickly (under agreement in less than 2 months). The writing is on the wall for the sellers: spiff it up, price it low, be willing to negotiate with buyers, and it sells quickly. What I have seen is houses come on the market at 2005 or 2006 prices and either 1)sit and eventually take it off the market and rent it out, or 2)slowly lower the price and it sells 10 - 15% below the initial asking price many months later, or 3)slowly lower the price, but not enough and eventually take it off the market..

We briefly hired an agent for a specific transaction (this was when we were still toying with the land/building idea) and he told me sales were doing great in town until the stock/credit market crashed, and then the property market hit a wall and buyers disappeared. Based on the anemic sales I've seen since January (you can get recent MLS sales data for up to the past year on nemoves.com), buyers don't seem to be jumping back into the market in our town in a hurry. Well, except for those two idiots, I mean buyers, that I mentioned above Smile.

I am REALLY hoping that the 15 or so SFH that have been listed in the past month (vast majority are listed at 2006 prices) don't sell near their current asking prices, because if they do, then I'll be convinced that we won't be able to buy until I go back to work, which means 3 or 4 more years of renting.
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