Open discussion for the weekend.
Feel free to post about local observations and news, open houses you’ve stopped in to, the FSBO situation in your neighborhood, or anything else you would like to discuss.
I’m planning to see a few houses on Sunday in Essex (Caldwells, Verona and Cedar Grove). I’ll let everyone know how that goes. And the answer is yes, I am still actively looking. Will I buy? Nope, not until I find a deal that makes sense financially (and economically).
On the FSBO front, I’ve noticed a spectacular amount of FSBO activity in Clifton. On my block two homes are for sale, both are FSBO. One of the homes was listed through a broker a few months ago but the word on the street was since the broker didn’t bring in any traffic, he decided to drop them. Many other homes in Clifton have swapped over to FSBO from being broker-listed. I’ve also noticed some high-DOM FSBO homes switch over to Foxtons. It seems sellers just don’t want to fork up the commissions, and if they are going to, it’s going to be to a discount broker.
Any other local reports on FSBO activity? It’s an important factor here because those homes represent underreported inventory. If more and more sellers start going down the FSBO route we’re not going to see those represented in the inventory data..