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 original 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 is Morris County for the range specified, I’ll publish the rest of the counties as time permits.
(click to enlarge)
(click to enlarge)
Caveat Emptor!
Grim
Love it
— BM
What is OLP?
Original List Price
This is getting ugleeeee.
Lower prices here we come. Who wants to buy a deflating asset?
Go ahead buy and be a bagholding loser.
It’s funny that Parsippany is conspicuously absent for the >10% lowball list.
I’m closing on Oct 6th. I believe this will be the first sale in my townhouse development for at least 3 months, with at least 15 for sale since July. Being the lowest priced place by >5% really paid off.
Now I just have to get two small roof leaks fixed before closing that the inspector found, that must have popped up in just the last few weeks. This sucks! I can’t wait to be a renter!
Keep in mind that the “% off” is the minimum. There have been some evidence that realtors have relisted the same house using a different MLS #. For example, MLS #2283464 shown in the table has an OLP of $849k, but in reality it the original OLP under a different MLS # was $920k.
It’s funny that Parsippany is conspicuously absent for the >10% lowball list.
I’m not sure what you are saying here.
grim
“For example, MLS #2283464 shown in the table has an OLP of $849k, but in reality it the original OLP under a different MLS # was $920k.”
All part of the “realtor code of ethics.”
I laugh at realtor spam with mentions of houses consistently selling at “98% of asking price!”
Meantime, the house has been relisted 3 times, and dropped $400K before finally selling at “98% of asking price!”