Often, your first offer is the best one

132 Hendrie Ave

132 Hendrie Ave

This Riverside cape came on the market in 2007 asking $.145 million. It’s a tired old house but the land is nice, even if it does back up to the tracks. My memory’s a little vague on the exact amount but I know I extended an offer on behalf of a builder client back then for, I think, $950,000. The sellers rejected it. As they rejected another offer, made a year ago May, for $750,000. Today it’s been reduced to $995,000. My reaction? That was 2007’s price, not 2009’s.

6 Comments

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6 responses to “Often, your first offer is the best one

  1. AJ

    you won’t hear it on CNBC , thats for sure …………

    Home-Purchase Index in U.S. Plunges to Lowest Level Since 2000

    2009-11-12 12:00:00.8 GMT

    By Bob Willis
    Nov. 12 (Bloomberg) — Mortgage applications to purchase homes in the U.S. plunged last week to the lowest level in almost nine years as Americans waited for the outcome of deliberations to extend a government tax credit.
    The Mortgage Bankers Association’s index of applications to buy a house dropped 12 percent in the week ended Nov. 6 to 220.9, the lowest level since Dec. 2000. The group’s refinancing gauge rose 11 percent as interest rates decreased, pushing the overall index up 3.2 percent.
    The drop in buying plans points to the risk that the recent stabilization in housing will unravel without government help.
    In a bid to sustain the recovery, Congress passed and the administration signed a bill last week to extend jobless benefits and incentives for first-time homebuyers, adding a provision that also made funds available to current owners.
    “Uncertainty over the housing tax credit sent some tremors through the market in recent weeks,” Michael Larson, a housing analyst at Weiss Research in Jupiter, Florida, said before the report. “But now that Congress has extended and expanded the credit, we should see demand pick back up.”
    The MBA’s overall index climbed to 627.5 last week from 608.3, the banking group reported today in Washington. Its refinancing gauge increased to 2998.2 from 2693.7.
    The share of applicants seeking to refinance loans rose to
    71.5 percent of all applications, the highest level since May, from 66.1 percent a week earlier.

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    lets say it together , class …………. without massive free giveaways from the government , the ‘surge’ in home buying is very questionable and in my opinion is simply stealing future home sales as everybody who was thinking about it rushes to buy now vs no give aways in the future ……………………….. the bottom in housing prices will not be discovered til we end all the fake stimulus and data manipulation like FNM/FRE offering to rent defaulted homes baack to the owner and in process claim the house is ‘ not really for sale ‘ when we know with certainty its a huge shadow inventory of houses to be liquidated later

  2. Cos Cobber

    When I sold my place a couple years ago, at the start of the RE decline, I was determined not to be one of these people. The woulda-coulda-shoulda.

    I knew then that prices had peaked and trouble was on the horizon. I sold at the first offer. It was less than so called “market” at the time (my agent thought we could have done better!)…but I thought a bird in hand was better than hoping for 5-10% more. The downside risk was far greater than the upside. Plus, after your place has been listed for six weeks or so, if you dont have any offers, than who are you kidding but yourself. I think this is particularly true for homes under $1.4 million. I would have more patience selling a home over $1.4m…maybe you wait 8 weeks or so before you price cut…depends on a many particular factors such as foot traffic and interest level displayed….

  3. Resident

    CCer. Where do you live now? Are you renting?

    • christopherfountain

      Don’t be cruel, Resident. Cos Cobber is living under an upturned above-ground pool and waitimg for the first snowfall so he can make some money. Or at least I think that’s where he is.

  4. Resident

    So he’s living in Cos Cob then.

  5. Cos Cobber

    Close CF. In my garage I have two above ground pool kits that I am trying to fuse together to make a super pool. I’m going to put it in the driveway next spring. Watch out.

    I was foolish enough to buy another home and I did so at what was a decent price at the time (boy my new neighbors were sour – still are). I resisted renting because renting is just not my style at this point in life. In retrospect, maybe I should have sucked it up and learned to love renting. I knew RE was headed down two years ago…but not as far down as we have gone.