Monday, August 21, 2006

Lowball! Union and Somerset

Welcome to another edition of Lowball!

Lowball! takes a look at home sales from a different perspective. For those new to Lowball!, a lowball offer is when a buyer offers a significantly lower bid than asking in hopes that the seller accepts the offer. We take a list of home sales from the past month and pick out the sales that have the highest percentage difference between list price and selling price.

The purpose of Lowball! is to show buyers that the market has changed and buyers now have considerably more leverage than sellers. Just a short time ago, Lowball! offers would have been laughed at and discarded, however, not any more. The fact that so many under-asking offers are being accepted is clear proof that the market is changing.The list does not contain all sales, I hand-pick the most interesting sales from the list. These listings might be the highest dollar drops, biggest percentage reductions, or sales in towns that are thought to still be 'hot'. Please note, even with double digit percentage reductions, these homes are still incredibly overpriced.

Here are Union and Somerset for the first half of the month, I'll publish the rest of the counties as time permits.

Union


(click to enlarge)

Somerset


(click to enlarge)

Caveat Emptor!
Grim

7 Comments:

Anonymous Anonymous said...

More FOOLSball.

These buyers are bagholders now.

8/21/2006 07:52:00 AM  
Anonymous Anonymous said...

thanks grim

afe

8/21/2006 09:39:00 AM  
Blogger Rich52 said...

Grim,

Anyway to tell what properties they are after they are sold? Realtor.com does not show the properties by MLS ID after they are sold

thanks.

8/21/2006 09:52:00 AM  
Blogger Shailesh Gala said...

Grim - Thanks for the info.

Is it possible to somehow list all properties in HTML format on separate page. You can just post it on new NJ RE site you created.

This would be helpful as I am investigating in one section of the town and would like to know if any houses sell there.

Thx.

8/21/2006 10:06:00 AM  
Blogger grim said...

rich52,

Drop me an email when you get a chance.

jb

8/21/2006 10:40:00 AM  
Anonymous Anonymous said...

LOOK FOOLSBALL BUYERS!!!!!!!!

YOU ARE UNDERWATER NOW.
http://www.smh.com.au/
news/national/housing-
crash-puts-sellers-in-
debt-crisis/2006/08/20/
1156012414995.html

8/21/2006 10:50:00 AM  
Anonymous Anonymous said...

I would love to see Morris County if you have the chance. Thanks

8/23/2006 10:43:00 AM  

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