I’ve been out with buyers almost every day the past few weeks – just got back, in fact - and I’m hardly the only agent who’s busy, but there sure isn’t much being reported in actual, you know, sales. Prices are still too high for the most part but we’re beginning to see some rationality even in new listings. The problem, as I see it, is that the bankers are having to adjust to the new world of limited bonuses and that makes them unhappy. After someone has found a house he likes at, say, $3.5, it’s tough to reconcile himself to a $2.1 house. Naturally, he wants that $3.5 house for the $2.1 price. Hey, I represent buyers almost exclusively so I hope my guys can get the house they want but there is going to have to be some major adjustments on the sellers’ part for that to happen.
Or the sellers can hang on and wait for the banks to recover. That could happen, I suppose – maybe in five years?
http://www.stamfordadvocate.com/news/article/Stamford-mason-says-he-violated-banking-law-to-3313039.php
What is the story here? Who is the wealthy greenwich employer? What does Cos Cobber know about his boy from the hood?
There were some OVER PRICED houses today on open houses- Otter Rock, Ridgebrook, and Sparrow to name a few!!!!
But did you find an under priced house? Now THAT would be a gob smacker.
You represent buyers almost exclusively? Well, knock me down with a feather!
We reviewed some 2011 stats at our (300+ agents) office meeting today. Total sales were up about 4% over 2010. Average price of a home sold? Down 49%.
I will leave it to you to draw the appropriate conclusions.
A very clever fellow named Adam Smith once pointed out that it is perfectly normal for price and demand to move in opposite directions.
Somehow I don’t feel sorry for your banker client, Chris. Oh, poor banker boy. Can only afford a $2.1M house now. Jesus. Really?
You may feel sorrier when you go to sell your own house and find out that no one can afford to buy it for what you’d counted on. Or for that matter, what you paid for it.
Sound beacher, Sorry, don’t know these people….I think I live more in the legitimate – tax paying – side of this hood.
They’ll hang on five years and get their price only to find out that the money will buy them less than a reasonable price would now. In five years, today’s ten dollar steak will surely cost you twenty. Get on with your life, stop sitting in your cave waiting for your $18 GE stock to go back up to $58: there’s a pretty good chance you may die before that ever happens, then what are you going to do? I know it sucks, but you may just have to come up with another plan.
A million dollars isn’t as much as you think it is: all you have to do is go out and spend ten-thousand dollars one hundred times, and you’ve just spent a million bucks. How hard is that to do? Pretty easy I’d think. On the other hand, accumulating it, with taxes and all, is quite a different matter.
ge at 58 bucks?
sweet. sign me up.