Any Open House Observations?
I went to a few open houses over the weekend. There were definately a ton of open houses to choose from down the Shore. Here are a few observations.
-Of the five open houses I attended, 2 of the owners were Realtors trying to sell their investment properties. (I always like to see Realtors doubling down. When the commision dollars dry up because of a lack of sales activity, there's nothing like having the rest of your net worth in an investment property that won't sell.)
-One seller was a family that was building a custom house somewhere in Ocean county but still living in their old home. I got the impression from the Realtor that the old house has to be sold pretty quickly or else they would be carrying to mortgages.
-When I asked about nearby comps at another location, the Realtor said a nearby house sold for $xxx (an impressive amount for the neighborhood) back in May 2005. I mentioned May 2005 was a long time ago, but no current comps were forthcoming. Also, there were three other similar houses for sale on the same street.
-Helpful Hint for Realtors. When I say I know the area very well, do not try and shorten driving distance times for me. I know almost exactly how long it takes to get from Lincroft to the ferry in the Highlands. I also know that getting out the Highland's ferry parking lot on a Friday night in the summer will add at least 1/2 hour to whatever other town in Monmouth County you are trying to get to. If you tell me that the new eminent domain condos in Long Branch make for an easy 45 minute commute to NYC, I know you're bull shitting me because it takes 15 minutes to drive to the ferry, and another 40 minutes (minimum) on the boat.
-Of the five open houses I attended, 2 of the owners were Realtors trying to sell their investment properties. (I always like to see Realtors doubling down. When the commision dollars dry up because of a lack of sales activity, there's nothing like having the rest of your net worth in an investment property that won't sell.)
-One seller was a family that was building a custom house somewhere in Ocean county but still living in their old home. I got the impression from the Realtor that the old house has to be sold pretty quickly or else they would be carrying to mortgages.
-When I asked about nearby comps at another location, the Realtor said a nearby house sold for $xxx (an impressive amount for the neighborhood) back in May 2005. I mentioned May 2005 was a long time ago, but no current comps were forthcoming. Also, there were three other similar houses for sale on the same street.
-Helpful Hint for Realtors. When I say I know the area very well, do not try and shorten driving distance times for me. I know almost exactly how long it takes to get from Lincroft to the ferry in the Highlands. I also know that getting out the Highland's ferry parking lot on a Friday night in the summer will add at least 1/2 hour to whatever other town in Monmouth County you are trying to get to. If you tell me that the new eminent domain condos in Long Branch make for an easy 45 minute commute to NYC, I know you're bull shitting me because it takes 15 minutes to drive to the ferry, and another 40 minutes (minimum) on the boat.
posted by Little_Silvered at 8:15 PM
5 Comments:
Why is that Real Estate agents think that the mass populus is less intelligent than themselves? If this was the case wouldn't they be practising Medicine or Law or dabbling in Rocket Science.
I have found a minority who treat people well - but they are a minority.
Ton of Open Houses in Ocean County shore area - not anyone looking! I went towards the end of the day and no one signed in to any of the 3 I went too. They all needed updating and were all overpriced by about 20%.
Even though I am seriously looking, I am very concerned about buying now. It seems that prices are hovering and reluctantly sellers and realtors are realizing if they want to sell the house, there are no valid comps to use - it just isn't the same market, and no one cares that a house down the street sold for 150k more a few months ago. The market has changed and I am willing to wait it out a bit longer.
Stu - I have realtors tell me about the area (I grew up in the town) and then they tell me ways I can rennovate (move walls, etc.) - You think maybe they are architects in their spare time?
The problem with RE agents is that there are way too many new ones. That particular job market got flooded by less-than-qualified candidates when RE took off.
I'm sure there are plenty of seasoned professionals who are worth their salt. But there are legions of dim-bulb agents who repeat things from rote. "Real estate only goes up" is said with the same conviction as Nigel Tufnel's "It goes to eleven."
Some of these RE tycoon wannabes also outsmarted themselves by buying investment properties. They litterally put their money where their mouth is.
I have a friend who says "stupid should hurt." This particular kind of stupid may bankrupt.
You have a great website here, and I'm going to tell all my friends about it.
You have a great website here, and I'm going to tell all my friends about it.
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