Preliminary November sales data for Northern New Jersey is in..
The first graph plots the unadjusted sales data (closed sales) for the counties listed. Please note the lower bound of the graph, it is set to 1000, not to zero. I do this to emphasize the seasonal nature of the Northern NJ market.
(click to enlarge)
The second graph is another view at the sales data for the first eleven months of the year. Please note that this graph does cross at zero.
(click to enlarge)
The third graph displays only November sales, 2000 to 2006 YOY.
(click to enlarge)
The last graph displays November sales, 2000 to 2006 YOY, broken down by county.
(click to enlarge)
The numbers:
January
Average Sales (2003-2005): 2000
2005 Sales: 2013
2006 Sales: 1705
(Down 15.3% Year Over Year)
February
Average Sales (2003-2005): 1583
2005 Sales: 1578
2006 Sales: 1395
(Down 11.6% Year Over Year)
March
Average Sales (2003-2005): 2193
2005 Sales: 2256
2006 Sales: 2033
(Down 9.9% Year Over Year)
April
Average Sales (2003-2005): 2322
2005 Sales: 2383
2006 Sales: 1817
(Down 23.8% Year Over Year)
May
Average Sales (2003-2005): 2615
2005 Sales: 2725
2006 Sales: 2298
(Down 15.7% Year Over Year)
June
Average Sales (2003-2005): 3486
2005 Sales: 3682
2006 Sales: 2911
(Down 20.9% Year Over Year)
July
Average Sales (2003-2005): 3495
2005 Sales: 3338
2006 Sales: 2428
(Down 27.3% Year Over Year)
August
Average Sales (2003-2005): 3661
2005 Sales: 3668
2006 Sales: 2599
(Down 29.1% Year Over Year)
September
Average Sales (2003-2005): 2854
2005 Sales: 2655
2006 Sales: 1968
(Down 25.9% Year Over Year)
October
Average Sales (2003-2005): 2570
2005 Sales: 2280
2006 Sales: 1867
(Down 18.1% Year Over Year)
November
Average Sales (2003-2005): 2330
2005 Sales: 2135
2006 Sales: 1858
(Down 13.0% Year Over Year)
Caveat Emptor!
James (aka Grim)
Nevermind housing prices! has anybody noticed their grocery bill lately? I do online shopping at least twice a month. The site keeps a master list of all my purchases, so the items I buy all the time are always on it. I can see at least a 10% increase in all of my regular items. I am not talking about perishables, such as meats, dairy, frozen etc. they always have sales so you can adjust. I am talking non-food essentials 10% is the min. increase some are much higher. This is not above sale prices this is the regular price when not on sale.
I started noticing 2 weeks ago in the store but now the online shopping with it all here for me to see in lists, is incredible!
Argggghhh!
KL
January (Down 15.3% Year Over Year)
February (Down 11.6% Year Over Year)
March (Down 9.9% Year Over Year)
April (Down 23.8% Year Over Year)
May (Down 15.7% Year Over Year)
June (Down 20.9% Year Over Year)
July (Down 27.3% Year Over Year)
August (Down 29.1% Year Over Year)
September (Down 25.9% Year Over Year)
October (Down 18.1% Year Over Year)
November (Down 13.0% Year Over Year)
Boooya!
KL,
Yup. I noticed that too. And we haven’t even included stealth inflation.
SAS
yep. the boxes are getting smaller.
These numbers are still extremely preliminary as agents can still enter data for November.
For Bergen County ONLY, here is the NJMLS average & median price along with the number of homes sold and number under contract in November (11/1-30) for the past 11 years. This is for residential SFH listings; this does NOT include Condos/Co-ops & Twnhs.
Year Avg$ Med$ Sold UnderContract
1995 $252,575 $211,500 467 515*
1996 $265,360 $215,000 518 533
1997 $270,893 $215,000 487 518
1998 $281,122 $225,000 503 493
1999 $340,059 $259,900 526 512
2000 $355,776 $280,000 511 555
2001 $329,608 $310,000 461 574
2002 $465,299 $377,000 478 545
2003 $502,568 $399,900 539 566
2004 $547,068 $455,000 616 611
2005 $683,231 $520,000 513 514
2006 $649,876 $480,000 413 515 as of 12/04/06 9:30 AM EST
And here is the same data for Condos/Co-ops, Townhouses ONLY.
Year Avg$ Med$ Sold UnderContract
1995 $146,676 $135,000 123 108*
1996 $166,774 $140,000 127 128
1997 $166,227 $129,000 161 129
1998 $184,786 $153,000 147 143
1999 $174,601 $148,500 213 186
2000 $204,699 $159,000 192 180
2001 $235,621 $201,000 178 214
2002 $268,863 $222,000 213 199
2003 $274,329 $250,000 239 218
2004 $333,324 $300,000 235 250
2005 $424,590 $374,900 248 189
2006 $376,1780 $330,000 182 198 as of 12/04/06 9:30 AM EST
And here is the all inclusive data (SFH, Condos/Co-ops, Townhouses).
Year Avg$ Med$ Sold UnderContract
1995 $230,498 $192,000 590 623*
1996 $245,948 $200,000 645 661
1997 $244,888 $196,000 648 647
1998 $259,335 $210,000 650 636
1999 $292,369 $231,500 739 698
2000 $314,515 $252,000 703 735
2001 $348,877 $282,000 639 788
2002 $404,748 $339,000 691 744
2003 $432,454 $365,000 778 784
2004 $488,043 $411,500 851 861
2005 $598,944 $480,000 761 703
2006 $566,154 $450,000 595 713 as of 12/04/06 9:30 AM EST
*1995 data may be incomplete as I believe this is the first year this data becomes available.
SFH Only
1/1/2004 – 11/30/2004: $567,262 $450,000 6,949 7,490
1/1/2005 – 11/30/2005: $649,951 $510,000 6,767 7,252
1/1/2006 – 11/30/2006: $683,565 $515,000 5,491 6,458 as of 12/04/06
12/1/2003 – 11/30/2004: $560,416 $455,000 7,627 7,969
12/1/2004 – 11/30/2005: $640,956 $505,000 7,450 7,724
12/1/2005 – 11/30/2006: $680,537 $515,000 6,019 6,856 as of 12/04/06
1/1/2004 – 12/31/2004: $565,882 $450,000 7,632 7,962
1/1/2005 – 12/31/2005: $649,841 $510,000 7,294 7,650
1/1/2006 – 12/31/2006: ? ? ? ?
Sorry, typo above.
And here is the same data for Condos/Co-ops, Townhouses ONLY.
Year Avg$ Med$ Sold UnderContract
1995 $146,676 $135,000 123 108*
1996 $166,774 $140,000 127 128
1997 $166,227 $129,000 161 129
1998 $184,786 $153,000 147 143
1999 $174,601 $148,500 213 186
2000 $204,699 $159,000 192 180
2001 $235,621 $201,000 178 214
2002 $268,863 $222,000 213 199
2003 $274,329 $250,000 239 218
2004 $333,324 $300,000 235 250
2005 $424,590 $374,900 248 189
2006 $376,168 $330,000 182 198 as of 12/04/06 9:30 AM EST
An interesting look at a most unusual contrarian indicator at the Big Picture:
http://bigpicture.typepad.com/comments/2006/12/are_we_close_to.html
jb
KL said “I can see at least a 10% increase in all of my regular items.”
I went shopping at SAM’s and was shocked at the prices!
Everything’s gone up.. I buy a lota paper products – diapers, etc.. and the prices are up **atleast** 15% higher since I last purchased.
I’m sure this will have a lot of ripple affects (read foreclosures)
Another off subject post:
What are the rules around using a real estate agent? Is it okay to start with one agent, have them show you properties, use them to place a bid, etc. and then go to someone else if you’re not happy with their service?
My agent has – in not so many words – told us she will not put in anymore lowball offers for us. I don’t think that’s cool, but can I change agents at this point? I don’t remember signing anything except some disclosure form the first day we met.
Can anyone with more experience advise? Thanks!
Lina
What you signed was probaly a CIS not a binding buyers agent agreement. You are under no obligation to continue using her services. You can absolutely change agents.
KL
All that data came from GSMLS only. Won’t that affect the numbers since NJMLS isn’t included? NJMLS is the main one for at least Bergen County. Not to say that the numbers would be better, but more holistic.
Ideally, a combination of NJMLS, GSMLS, MLSGuide and non-MLS sales would provide the most comprehensive picture.
NJMLS Bergen hasn’t been included in this data simply because I didn’t include it in my dataset early on. I could include NJMLS Bergen, but I’d need to find an agent who could pull me all the NJMLS Bergen data.
I’ve done comparisons between the numbers in the past. My GSMLS North Jersey numbers track closely with NJMLS Bergen-only numbers.
jb
Lina,
Sad to hear that you’ll be helping an agent you don’t particularly care for get a commission.
Find an agent that will work with you, not against you. There are plenty of agents who have no problems presenting lowball offers in this market.
jb
In this discussion groups humble opinion, is this data a shock or just as predicted?
Still learning.
The Kid
http://money.cnn.com/2006/12/01/magazines/moneymag/8395182.moneymag/index.htm?postversion=2006120411
“This bungalow sold for $337,000, just 3% below the asking price. Time on market: 5 days.”
—
Suggestions to buyers for preventing home-staging induced brain freeze:
1. At the doorway of open houses, ask the showing agent if the home has been staged, feigning curiousity and excitement. If the home has been staged, turn around and walk away. The price is too high.
2. If the home has been staged, ask the listing agent if they can remove all fake props and let you see the house empty.
3. Take a $35 ultrasonic room measurer.
4. Carry a list of your top five requirements in a house. After viewing a staged house, go back to the car and check off any requirements that were NOT met. If more than one is checked, and you still like the house, you have staging brain freeze and need immediate therapy from Booyaa.
What constitutes a lowball offer in this market? 10% off asking? Or more?
Lina, your agent is obligated by ethics, and I believe law, to submit whatever bid you ask him/her to. Drop them if they won’t do what they are being paid to do. You don’t have a contract with them.
OT, I wanted to let the group know about our experience over the weekend. We went to an open house, loved the house, but had a weird experience with the listing agent. The agent followed us around, practically begging us to lowball the owners. The owners are relocating, and he must have just wanted to close the deal. It was very strange. When we went to make an offer on it, our agent told us that the same listing agent told her there were other offers coming in. What the hell was that about? Did he simply regretting short-selling his client?
Ms. M asks “what constitutes a lowball offer in this market? 10% off asking? Or more?”
From the sellers perspective, 1% or more off asking is a lowball.
From most buyers perspectives, 10% or more constitutes a lowball, with the percentage depending on how overpriced the ask is to begin with.
From Bob’s perspective 40% or more constitutes a lowball depending on how much over the 2005 peak prices the sellers are asking for.
A historical appreciation rate over late 1990’s selling prices is a reasonable offer. In most cases, that requires a 15%-30% reduction off most seller’s asking prices.
Seneca,
Thank you for the information. It is very helpful.
“Lina, your agent is obligated by ethics…”
Hence the disconnect, most realtors have no ethics. You’re a walking commission check, nothing else.
And the NAR “realtor code of ethics” is a self-proven joke, with all the relistings allowed to reset DOM and price drops.
Lina,
Find a new agent .
its your money.
low ball offers start at 25% off the list
FTB (#20) I wonder if he was trying to start a bidding war…encouraging you to lowball, thinking you would easily get the house, and then youwould find out that other bids existed. Thinking the bid you put in was low, he was probably hoping you were a sucker who would then raise your offer. Or maybe more bids were coming in, b/c he told everyone to lowball. Or he’s a big fat liar. I would go with number 3 – my general assessment of most agents (KL excluded).
lowball to me means you’re offering a price that’s a good 10% below comparable sales. that’s recent comps (within 60 days), not against listing price. if you use this definition you can lowball all you want, your chances of success are practically nil unless you find someone that needs to move fas.
Not sure if this was already posted. From the 11/30 Economist, sorry no link.
“So, contrary to popular perceptions, America’s economy has not significantly outperformed Europe’s in recent years. And to achieve this not-much-better-than parity, America has had to pump itself full of steroids. Since 2000 its structural budget deficit (after adjusting for the impact of the economic cycle) has widened sharply, while American households’ saving rate has plunged, causing the current-account deficit to swell. Over the same period, the euro-area economies saw no fiscal stimulus and household saving barely budged.
“America’s growth, thus, has been driven by consumer spending. That spending, supported by dwindling saving and increased borrowing, is clearly unsustainable; and the consequent economic and financial imbalances must inevitably unwind. As that happens, the country could face a prolonged period of slower growth.”
those numbers grim posted don’t look so bad. many of them are still higher than 2004 levels. all you doomsayers must be soo disappointed.
those numbers grim posted don’t look so bad. many of them are still higher than 2004 levels.
Specifically, to which numbers are you referring?
jb
James Bednar Says:
December 4th, 2006 at 5:27 pm
Specifically, which numbers are you referring to?
jb
Specifically, TO which numbers are you referring?
660 Verbal – cow cakes / bat guano
Annoying,
Don’t know what charts/#’s you are looking at?? If you are a monkey on the career builder commercial and turn the charts upside down, I would then agree.
Having the ability to edit trumps a 660..
jb
for example, look at essex county sales for this month…pretty much match up w/ 2000-2003 and 2004 #s. passaic county is actually higher than 01-02.
and you all honestly show your true colors w/ the name calling…i forgot, this blog is like a fascist state…only one belief system and no room for other opinions.
and you all honestly show your true colors w/ the name calling
All? When have I ever called you a name?
jb
grim…i’m obviously not talking to you…we don’t need to play dumb..i think it’s clear from the comments who i’m talking about (e.g., “If you are a monkey on the career builder commercial and turn the charts upside down, I would then agree”, and all the other names used in the post you shut down last week)…
Annoying,
It’s funny you should use 2000 as an example. We are headed back to 2000 prices. I never read anybody calling you an alias.
Essex
2000 – 372
2001 – 373
2002 – 371
2003 – 374
2004 – 447
2005 – 412
2006 – 337
Passaic
2000 – 279
2001 – 215
2002 – 206
2003 – 271
2004 – 279
2005 – 238
2006 – 226
i see bob, but i’m glad you ignored the other years i mentioned…are we going back to 2003 prices in essex county then? i like how you pick and choose the numbers i cite…i gave two examples from grim’s numbers and can give many more..if you choose to be blind to the facts then that is your perogative.
and the numbers i cite to are “home sales” which in many areas have absolutely no correlation to home prices.
BOB is annoying Says:
December 4th, 2006 at 5:35 pm
this blog is like a fascist state…only one belief system and no room for other opinions.
I think you are being unfair…..I think it represents a more pure minded totalitarian state, mixed with a cult-ish tinge. You need to be careful, lest you mischaracterize us.
so grim considering all the naysayers, passaic is only off by 12 from the “height of 2005” as this blog always refers to it, and essex, which has a tremendous supply of homes is not that far off 02-03 numbers….and on top of that, prices have still not fallen off the table…for example,the average lowball in novembers from your chart is ONLY 6%….
I’ve finally gotten around to putting together the sales and inventory overlay graphs that were requested some time ago.
That data will be posted tomorrow morning.
jb
finance:
i’d say it more nazi-like with grim as dur fuhrer and any of us who disagree just aren’t “blonde” enough.
Annoying,
The monkey comment was not referring to you, it was the only way those charts could possibly read positive. A little sensitive today??
well considering it was posted directly after I posted a comment about reading the charts somewhat positively, i think it’s pretty obvious who you were referring to Bob…we are all not the idiots you think we are.
and Bob, you addressed your comments directly to me…senstive no, but I know how to read.
I’m not going to delete that last comment, only because I didn’t delete the insult posted by BC earlier in this thread.
However, realize that your comment is in very poor taste. I’ve walked through Auschwitz and Birkenau. I am personally offended by your comparison.
jb
Annoying,
I wouuld like to address your comments regarding prices. Please go back to the weekend discussion section on this blog, post #292. No need to reiterate.
BIA
Sales were already collapsing at this time last year, so yes, 12 lower than last year in Passaic is very bad indeed.
grim: you have sunk to a new low – being compared to one of the 20th Century’s biggest villians.
BIA: watch it – grim is Poilsh I think, and your comparison might be construed as just slightly off-color. As for me, -embodying essentially a whole of nationalities and ethnicities that have been ethnically cleansed- I ain’t so jazzed about it either. But we digress.
grim:
you are preachin to the choir about nazism, my relative were there personally. i, however, don’t believe we live in a time where we can’t say the word “nazi” or the like…my first comment was comparing the site to fascist state, but I was simply providing another analogy to finance regarding the mentality here. i wrote you as “dur fuhrer” simply as a joke (see mel brooks producers and other parodies)…i did not state you were hitler or had murderous thoughts..i think you need to relax and read it for what it was and what it was in response to.
i’m jewish…so I know from whence I speak.
hey bob:
sorry but I dont take stock in anything you write, so having me read your soliloquy from the weekend discussion is pointless. you don’t back anything up w/ any facts.
theo:
sorry, but most people on here claim that the peak of the bubble was summer/fall 2005…go back and read all their posts.
Annoying,
I get it, it’s OK that you joke about “dur fuhrer”, but I can’t make reference to a damn commercial!!
actually, grim, now that i think of it, i’m quite offended by you telling me my comment was in poor taste. i simply was talking about a mentality on this board, and for you to even think i believe you have some venomous and evil in you comparable to hitler is insane. are you saying that i could never talk about holocaust or compare something to nazism to anyone who has walked thru auschwitz..c’mon i t hink you are going overboard here and need to read things for what they are and not what you think they are.
all i was saying was thementality on the board is fascist-like or nazi-like, and was simply saying that many of you simply fall in line behind grim..it was an analogy. not every mention of the word nazi or hitler is what you think it is…grow up.
Annoying,
Your sure took stock in what I said today. I can understand why you don’t want to read the post. No skin off my back.
i read the post…it only reflects your opinion and you provide no FACTS…do you understand the difference in what im saying?
I think they mean the peak in pricing was in about August 2005, not necesarilly sales, though i can’t speak for them. I guess we all need to clarify this stuff. Prices continued to rise even as sales began falling. Only now are we really seeing any weakness in pricing.
theo:
according to grim’s chart, sales in nov. 2005 were higher than oct. 2005…so that is simply not a true statement.
theo:
i take that back…i apologize.
it does seem though peek in sales was actually aug. or sept. 2005..so i’m not sure where you are going w/ that.
“it only reflects your opinion”
Yes and no. The slow adjustment in real esate prices is not an opinion. Where we will be in 3-4 years is an opinion.
I don’t see a chart showing October 2005 greater than November 2005. It show sales of about 2250 and 2100 respectively as far as I can tell.
theo: see my comment # 64
BIA
reponded before your take back… :)
JB-
Can’t wait to see the sales vs inventory overlay graph. Should be quite enlightening…
BIA, I don’t think the board minds a counter argument, but I think most of the data is pointing down. If it was a few sporadic pieces in non-NJ markets, we might be simply looking for negative shreds of evidence to re-inforce Grim’s words. However, I think it’s got to be obvious to anyone involved that nearly all indications are showing a negative trend that has no clear ending in sight.
We’ll all know the end when we come out on the other side. Until then, it’s speculation either way.
JM
If You Lived Here, You’d Be Cool by Now
Ever get the feeling that the New York of your dreams is happening elsewhere? These days, the half-life of a hot neighborhood can be measured in mere weeks. To find the optimal balance of commodious bistros, tasteful urban decline, and cheap(ish) rent before it disappears, run like hell to…Jersey City?
http://nymag.com/news/features/25014/index.html
UnRealtor Says:
December 4th, 2006 at 3:09 pm
“Lina, your agent is obligated by ethics…”
Hence the disconnect, most realtors have no ethics. You’re a walking commission check, nothing else.
Any doctors don’t botch operations and write prescriptions quicker than Shakespeare wrote sonnets. And lawyers try to give you their best work while billing you as few hours as possible. And insurance agents sell you the cheapest insurance you’ll need. But wait, they’re all licensed too just like agents. Give me a break unrealtor. Wake up and smell the good old American, home of freedom and opportunity and equality, air.
Of course this blog is specifically for real estate, and not the “Doctors Suck Report.” However, Grim can take offense to BIA’s statements and I can to yours unrealtor. You should stop stereotyping. The world would be that much better off.
BIA,
Let me guess, you have house for sale and not getting any good offers. But please don’t take your frustration off on Bob.
We love Boya and all his comments.
“We love Boya and all his comments.”
I’m going to pretend you’re being sarcastic…cause I don’t.
Why do you guys let this Bob fellow get under your skin. Forget him.
Back to the discussion- i’d like to see a thread about REALTORS YOU’VE HAD GOOD EXPERIENCES WITH (specific to Bergen County).
We’re absolutely sick of renting, and would like to buy (currently in city; need to move to burbs for various reasons).
Hopefully, these realtors are going to be OK with me coming armed with information about what the owner paid previously, area slaes, the of course, a lowball-ish offer (we’re targeting 400-450k houses, and going to ask 50-75k off).
Annoying;
You say I only give an opinion. The below are just some of the topics which I have discussed;
All FACTS;
1) Inventory levels
2) Sales data
3) Affordability Index
4) 80-100% increase in prices while incomes were up approx 15% (2001-2005)
5) HB’s sentiment index
6) HB’s walking away from land options
7) Increase in consumer debt 1995-2005
8) % of buyers in 2004 & 2005, investors (i.e, spec. flip) and vacation homes
9) Mortgage index
10) Amount of I/O’s up for renewal in the last quarter of 2006 and upcoming in 2007
11) Fraudelent Appraisals
12) Bogus income declarations
13) Increase in lis pendens
14) Increase in first stage of foreclosure
15) The consequences of the falling dollar to the homeowner
This informatiom comes directly from CBS Marketwatch, Bloomberg, Reuter’s, The Economist, Barron’s, Realty Trac and of course Grim’s data. If you have an issue with their facts, take it up with them.
You want some FALSE statements;
1) You said in your insulting manner, how everybody on this site is a follower. I cashed out in the last quarter of 2005, before I ever knew this site existed. I didn’t need this site to come to the conclusion that RE was in the midst of one of the biggest bubbles in my lifetime. Didn’t discover this site until many months later.
2) You falsely accused me of saying “bleed em dry”. I never once said this. Go find one post where I have said this.
You are right in one area. I have stated my opinion where I feel RE prices will end up after this bust, dust settles. However, I now feel that I may be too conservative.
Does anyone here have access to sales data, graphs, sales & sold reports for Monmouth County? If not, where can I get it?
Thanks.
P.S. Changed my name to “Groovin” ’cause someone else has closely resembling other name
It is recommended that you chant the following mantra at least once a day.
BOOOOOOOOOOYAAAAAAAAA
Update (esp to the poster who guessed that the listing agent was trying to force a bidding war)…
The other offer and ours were exactly the same! The seller came back a little lower, though told our agent that the other offer wasn’t going up. So ours didn’t go up. Seems like the other couple with the offer didn’t want to get schnuckered into a bidding war either. So now we’re both just waiting to see if they’re going to make a decision between the two of us or take their chances and stick with their asking.
The thing is, the offer is a good offer. It’s lower than asking, but pretty much dead balls on what the house is worth right now. We intend to be very critical with inspection and get some cash back (there is a little work to be done), but it’s a generous offer given the direction the market is moving. The other folks must be aware of this too.
BIA sounds like one of those Kannekt Klowns. Go burn some books.
I get a publication at work called Bankruptcy Insider. It’s put out by the Daily Deal. Anyway they had a good article about how Fannie Mae’s not raising their loan limits may lead to more builders heading into bankruptcy. Used Kara as an example but said most of the larger builders such as Toll could be okay.
alot of inventory here, and low sales.
Remember, RE is tangible but not liquid.
Going to be part to move this inventory, without some good price declines, which “can” collpase on itself and NJ just doesn’t have the job market to support these prices, nor does nyc.
Unless, one wants to go into major debt.
If you are seller, I suggest you lower your price before the other guy does.
SAS
I posted a few days ago about my ex-boyfriend listing with a flat fee agency.
He relisted with a price increase of $10K and added to the listing “BONUS $5,000 FOR OFFERS ACCEPTED BY 12/31/2006. PAID AT CLOSING.”
This is an email from the agent explaining how he plans to eliminate the bonus:
“As I indicated the $5000 Bonus can be bumped during the negotiations unless the agent can bring their buyer to full price. That’s the whole idea of setting up your listing this way and I would hope you would allow me to negotiate any offers that come in for less than you are willing to accept – though you can certainly handle it if you prefer! Let’s see if we can get an offer-now!”
Why hasn’t anyone sued for this type of deception? Wouldn’t you have to say the bonus is for offers at full price? I still don’t understand what motivates the the flat rate MLS service to sell properties quickly.
Rachel
“Grim can take offense to BIA’s statements and I can to yours unrealtor. You should stop stereotyping.”
You realtors made your bed, now lie in it.
The NAR is a joke, why do you not revolt against the deceptive relisting MLS policy? Probably because you enjoy deceiving consumers.
Is this ethical?
Hey Rachel (from #83):
I’m familiar with this agent & this listing. He is a flameout from legit RE. Real slickster. The bait/takeaway on the seller concession is pure cheese.
Your ex’s listing is done. Put a fork in it.
To UnRealtor (from #84):
Stop being a pig and making statements that only serve to illuminate your self-righteous myopia. Yes, there are agents and companies who churn listings to “turn back” the DOM clock…and this makes us ALL a bunch of crooks?
Clotpoll–thanks for the feedback. I still don’t get how he makes money off the deal and why he is pushing to negotiate? It all stinks to me, but the ex is too trusting. The market “analysis” he sent was bs. He conveniently forget the two most recent sales that dropped his numbers to $20K below current asking.
What would you recommend at this point?
It is always difficult to keep undue emotion out of a discussion when positions are deeply held.
I propose that ad-hominem attacks just be flagged as non-germane by the responder and response be made to the factual portions (if any) of a message only.
bickering with me
an anti bubble agent
perhaps he will wake.
A haiku for the troubled masses tonight. It is after all a full moon tonight and the angst is just zesty. everybody just breath and remember in the end none of this means squat. in…. out…
who said we arent a sophisticated bunch?
If I had a real estate license, would I be a crook by association?
(hint hint)
jb
jb,
If you don’t try to solve your association’s problem then you become part of the problem.
“To UnRealtor (from #84): Stop being a pig and making statements that only serve to illuminate your self-righteous myopia.
No irony detected here, eh?
Yes, there are agents and companies who churn listings to “turn back” the DOM clock…and this makes us ALL a bunch of crooks?
A weak straw man.
The relisting practice is rampant among realtors, and not an anamoly.
Don’t like criticism of this common realtor tactic? Then do something about it.
Until then, I’ll convey the facts, uncomfortable as they may be to some.
James Bednar Says:
December 4th, 2006 at 10:21 pm
If I had a real estate license, would I be a crook by association?
(hint hint)
jb
God bless you JB. thank you for clarifying my point that flew 1,000 miles over unrealtor’s head.
What ever happened to the NAR ethics ad campaign?
jb
#87 – new in town,
Are you a lawyer? didn’t understand a thing you said ;-) j/k
Lets give the realtors (on this board) a break and concentrate on sellers egos. Why the heck do home-owners of NJ believe that they can trash a place for 2yrs and earn 200K at the end of it?
When is this ‘denial’ phase going to pass?!
Went to a couple of open houses over the weekend. I was so turned off by the prices that I decided I would rent even if it costs me more than ownership!
I was thinking where all my money goes when I buy a house – realtors, slimy mortgage brokers, greedy sellers, state… aarrgghhh.. I would rather pay rent to my landlord- who’s just a business man.
To Rachel (from #86):
That’s the rub. These cut-rate scammers DON’T make much money. They just hope to keep costs to a minimum and rake in a big volume of failed FSBOs from forsalebyowner.com (I’m assuming that’s how your ex got hooked in with this guy.). The revenue they generate is whatever they can get upfront from the seller. Couple that with a very low expense structure, and these guys do eke by. However, since they are not incentivized, they couldn’t care less whether their listings sell. I’m guessing this agent wants to get involved in any potential negotiation in order to extract another- undisclosed- fee from your ex.
So what if the seller gets no professional expertise, marketing or real negotiation skill? Your ex should do whatever is necessary to keep this agent OUT of any negotiation…should he be lucky enough to receive ANY kind of offer (which I’m guessing he won’t). If this agent is so cavalier with his own compensation (and with things like fair dealing), imagine what he’ll do to your ex!
The best things to do, aside from prayer:
1. Demand a withdrawal of the listing. Good luck…most cut-rate shysters will just laugh at you on this one.
2. Wait until the listing expires and then get some real help.
3. Get the listing priced under the market, order the agent to properly disclose the concession and try to get things done quickly.
Matt Says:
December 4th, 2006 at 9:30 pm
JB:
Interesting data, thank you for providing it. However, posting lowball sales from the outliers in the data does not tell the entire story. Looking at the entire dataset:
Average %OLP is 6.40%; median %OLP is 5.50%. Hence, half the houses sold had a %OLP greater than 5.50%; half the houses sold had a % off OLP less than 5.50%.
Average DOM is 80; median DOM is 63. So half the homes closed in November were on the market just over 2 months or less; half were on the market longer than two months.
I’m not sure half of sellers receiving 94.5%(100%-5.5%=94.5%) of their OLP or better and half of homes selling in two months or less indicates a stagnant (or worse) real estate market. Maybe the market is less compelling than in 2005, but the data suggest homes still sell with half selling under 63 days, and with half at 94.5% of the original listing price or better.
Sales concessions, if that data is available, might paint a different picture.
Thanks,
Matt
This was a very interesting point brought up as the last comment on the lowball post.
Would concessions and inventory overload dispute this?
I hope some of you stats guys are still awake and this doesn’t become the last post here )-:
KL
oops, i forgot lawyers, home-inspectors ($400 for an inspection! gimme a break), $1000 for the title check company.. whatever that is called..
did I forget anyone else who feasts on my hard-earned money when i ‘buy’ a house?!
“thank you for clarifying my point that flew 1,000 miles over unrealtor’s head.”
See: “self-righteous myopia.”
Your “point” was a weak straw man.
I never said “all” realtors are “crooks” but a great many are, and they use NAR-approved methods to deceive the public.
It’s your organization, if you’re as honest as you think you are, do something about it.
Clotpoll–thanks for the advice. There is another unit in his condo complex that used these guys and is now in attorney review. I think he needs to go on a visit to see what her experience was. She also used the $5K gimmick. Will keep you posted. I have more questions about pricing, but will ask later. Goodnight.
And with David Liar-eah as chief NAR spokesperson for the NAR, he’s going to do the Perp Walk soon enough when the dust settles.
Well, I’m late to the party but the board seems to be rather interesting today with the appearance of the poster “Bob is Annoying”. I’m assuming the reference in the poster’s handle is to Boyaa Bob who has been unceasing in his resentment and hatred of homeowners and real estate investors here. This poster is the antidote for Boyaa Bob. Interestingly enough, Boyaa Bob has been deafening in his silence today. Hopefully, he will remain silent!
NAR spokesperson David Liar-eah:
The worst is behind us as far as a market correction? Really?
http://graphics10.nytimes.com/images/2006/08/26/weekinreview/27leon_graph2.large.gif
“Stock prices have reached what looks like a permanently high plateau. I do not feel there will be soon if ever a 50 or 60 point break from present levels, such as they have predicted. I expect to see the stock market a good deal higher within a few months.”
Dr. Irving Fisher
Yale Professor of Economics
October 17, 1929
NAR spokesperson David Liar-eah had to rename his 2005 book:
http://davidlereahwatch.blogspot.com/2006/10/david-lereahs-new-book.html
Must have been the “Why home values and other real estate will clinb through the end of the decade.”
Perhaps he really meant, in 2005, “end of the year.”
NAR spokesperson David Liar-eah, in September:
“We think the housing market has now hit bottom.”
http://davidlereahwatch.blogspot.com/2006/09/lereah-housing-market-has-now-hit.html
to centralnj: I had noticed your comment about home inspections re:
” $400 for a home inspection! gimme a break”
Does this mean that $400 to do a PROPER inspection of someones home-to-be is a HIGH price to pay ? MOST homes sold in northern NJ ‘go’ for $ 400-to-850K—-a fraction of 1% to ‘point-out’ MAJOR and minor problems is NOT anywhere near where the cost of a TOP NOTCH inspection should really be.
The purpose of a SUPERIOR inspection of a dwelling is to inform the potential buyer of the performance of the various systems of the home…..A thorough inspection should take approx. three hours—going through every part of the building. The final report should have all problem areas highlighted to “bring to light” areas that need attention; A ‘good’ buyer’s attorney will discuss the costs associated with this report to the seller’s lawyer———A reasonable dollar amount as the repairs should be agreed upon and what I call ” an adjustment to the price” at closing should take place
$400 is TOO MUCH, (centralnj) for this service ??——————I think not ! $600-to-$800 is more like it !…….I have seen such “piss-poor” so-called inspections that people have paid for and ‘got what they deserved’ for being ‘on the cheap’
Well stated, Commander Bob. The unwillingness of the public to pay even a relatively nominal fee- coupled with the usual Trenton skullduggery- has dumbed down the home inspection business to the point that most good inspectors have left the industry.
Today, inspector training, minimum apprenticeships and licensure requirements are so lax that a caveman could inspect NJ homes…like a Geico commercial come to life.
Perhaps when CentralJ finally buys the home of his dreams, he’ll purchase “as is” and save that exorbitant $400 inspection fee. Everybody knows NJ’s aging housing stock never has problems like mold, radon or water penetration…
Sorry to hog the thread, but I woke up full of venom this AM…
Seems there’s a cadre of folks here who’d like to make Mr. Lereah the poster child for all the ills of RE. Now the chatter has reached the point of accusing him of some sort of criminal behavior.
As everyone here seems to understand, Lereah is a paid industry spokesman. What is he supposed to do…throw his hands in the air, tell the world all is lost and advise everyone to move to South Dakota, stake out a parcel, build a tar paper shack and live on wild berries?
To go a step further; would you expect Bill Ford or Rick Waggoner to do the same? Perhaps they should just publicly admit that their companies have become giant HMOs that build tin cans on wheels in order to defray legacy costs.
Spinning and working the media are not criminal activities. It’s part of selling goods and services. Sure, lots of Lereah’s statements are wishful thinking, but there’s a long way between that and fraud.
“like a Geico commercial come to life.”
Clot,
Hilarious!! I make a reference to a commercial (Career Builder) and all hell breaks loose!!!!
commanderbobnj, are you a homeinspector?
I was giving an example of all the parasites that hover around potential home-buyers.
clot, I have owned homeS in the past. Can you guys stop talking about MY DREAMS?! When did the world start caring about MY DREAM home anyway?!
“Do you work for the Republican Party?”
No, Kerry Campaign — I’m for realtors, when I’m not against them.
“I DO have a problem with being portrayed as a grifter by someone I’ve never met.”
What the hell are you talking about? I’ve never said “all realtors are unethical.” You’re a bit thin skinned and paranoid, or perhaps the comments hit close to home?
Someone asked me to post this message, and I was happy to oblige. It is a long-shot, but I thought I’d give it a shot.
Is anyone here looking for a kitten/young cat? This person rescued an abandoned kitten a few months ago. It’s been neutered and has all shots. Apparently it is turning into a very fiesty cat with an incredible prey drive. The cat is afraid of nothing and will get along with dogs, etc. The person has mentioned that this cat would make an ideal barn/farm cat or mouser, but not for the ‘inexperienced’ cat owner. The kitten is black and white with unique markings.
Drop me an email at nnjbubble@gmail.com if interested.
jb