Welcome to another edition of Lowball!
Lowball! takes a look at home sales over the past week from a very 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 over the past week and pick out the sales that have the highest percentage difference between asking price and selling price.
The reason for 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.
So let’s take a look at this weeks list of Lowball! sales.
MLS# 2094005 – East Hanover, NJ
Asking Price $1,600,000
Selling Price $1,300,000 (18.8% Lowball)
MLS# 2070669 – West Paterson, NJ
Asking Price $575,000 (Originally asking an amazing $725,000)
Selling Price $500,000 (13% Lowball)
MLS# 2105356 – Green Brook, NJ
Asking Price $1,148,780
Selling Price $999,999 (13% Lowball)
MLS# 1563380 – Wayne, NJ
Asking Price $429,900
Selling Price $375,000 (12.8% Lowball)
MLS# 2073586 – South Orange, NJ
Asking Price $359,000 (Originally asking $389,000)
Selling Price $320,000 (10.9% Lowball)
MLS# 2056010 – Cranford, NJ
Asking Price $369,900
Selling Price $330,000 (10.8% Lowball)
MLS# 2076587 – Livingston, NJ
Asking Price $1,900,000 (Originally asking $2,150,000)
Selling Price $1,700,000 (10.5% Lowball)
MLS# 2073810 – Maplewood, NJ
Asking Price $315,000 (Originally asking $325,000)
Selling Price $282,000 (10.5% Lowball)
MLS# 2103281 – Parsippany, NJ
Asking Price $585,000
Selling Price $525,000 (10.3% Lowball)
MLS# 2092409 – Clifton, NJ
Asking Price $529,000
Selling Price 475,000 (10.2% Lowball)
MLS# 2201031 – New Providence, NJ
Asking Price $609,000
Selling Price $ 547,000 (10.2% Lowball)
MLS# 2092309 – Millburn, NJ
Asking Price $1,395,000 (Originally asking $1,495,000)
Selling Price $1,290,000 (7.5% Lowball)
MLS# 2102157 – Madison, NJ
Asking Price $549,000
Selling Price $510,000 (7.3% Lowball)
(About time this one sold, I believe it was relisted more than once)
To all the prospective buyers on the market. If you absolutely must buy a house today, while I can’t stop you (although I might try), there is no reason to bid over asking. If you’ve got to buy, Lowball!