Survey names named
The addresses of the properties named in the multiple offer survey are in. I was going to wait until they all closed, but decided not to delay any further.
These were generated by readers. Most have very short market times, but a few were longer.
I agree with Charles that the asking/selling prices in isolation don't say anything about prices. However, there is something about these properties that made them successful using this tactic while other houses sat on the market.
The definition of a segmented market is one where some sectors are showing growth and others are declining. Binya showed that some areas are still growing. The presence of bidding wars shows that demand is not flat.
We are in a recession. The mortgage market is a mess. Real estate still has lots of life in it, in places, and is dormant or slow in other places. We have a segmented market, which is tricky to maneuver in. In this environment, please exercise caution and do not enter a bidding war without a firm handle on market value and your top price. When in doubt, pass on the house. There will be another one!
Enjoyed this post? Get blog updates delivered to your reader. Click here.
Comment
Permalink
Email
Anyone seen the Wells Fargo Numbers? Now that's a bank that gets it. If you took housing out of the GDP numbers (a big if, I know) you see growth of well over 3.5% Not to sound like Phil Gramm, but is it not a mistake to say 100%, "We are in a recession" ? There always going to be doubt and hey what another 10-15 grand if it's the right house. I say buy it and go live life. Can't take it with you.
Rona, Binya never showed that "some areas are still growing." You yourself said: "One caution about this poll: it does not address whether prices are actually going up or down in the places where there are multiple offers. Some of the final prices reflect a price that is still lower than what the place would have sold for last year."
Somehow, every time this topic comes up, that qualification is forgotten.
Marcus.
Binya specifically wrote about prices going up. Read it
Although Ted questions it, I believe the economists that calculate that we are in a recession --nationally, not specifically in real estate alone. We have a segmented real estate market -- some sectors going up, some down, some flat. The problem has been defining which is which. This is a treacherous time to buy, especially in competition.I am spending a lot more time on CMAs for my clients and advising caution.
I read it, Rona. We dissected and dismembered his reasoning twelve times til Tuesday, and we're not going through it again.
Marcus,
You are right...Let's not go through it again. I think there is still a heart beating in the dismembered body you left in the entry. It is that same little voice that is nagging me with these market sectors where demand is high.
Some buyers are being manipulated into overpaying. I am a buyer's agent. My job here is to show the problem and give my best advice.
The over-riding question for those who are house hunting is: Where is the balance between getting the home you want and not paying too much in an unstable market?
Some buyers are being manipulated into overpaying.
I sure agree with that statement.
This blogger might want to review your comment before posting it.
Recent Posts
browse this blog
by categoryINside Boston.com