Monday, September 19, 2005

Open House Sunday

On Sunday, before the Jets game, I went to two open houses in Monmouth County to try to get a feeling of what the market is like. My first stop was in Avon. When I walked into the house, which was about three blocks from the ocean, the realtor immediately told me that the house was way over-priced. She was right. The owner was asking about $1.2 million but the realtor suggested it was probably worth closer to $900k. I don’t think in a normal market it would be worth $700k and about the only thing the house had going for it was its proximity to the ocean.

The realtor, who was very helpful, said that that the market is still strong “despite the bubble” and that appropriately priced houses are still moving.

The second house I went to go look at was a three bedroom dump in Fair Haven. On a street with three other houses for sale that were essentially the same size, the owner of this house decided to ask for $600k plus. Amazingly though, and just like in Avon, the realtor showing this house quickly added that the house was over priced and that similar properties are selling for closer to $400k. Moreover, the house easily need $50k worth of work, if not more. The realtor, again, was very helpful but also tried to argue that there is no housing bubble.

In general, it seems that both realtors believe that the market is still strong in Monmouth County if the price is right. Interestingly though, both houses I saw were priced wrong and I’m not quite sure what to make of that. Both realtors though did try to interest me in other properties so maybe having an open house is just a way of drumming up new business for these realtors, though not necessarily to sell that particular house.


Blogger Grim Ghost said...

Isn't it illegal for sell-side brokers to say that a house is overpriced ? Or are they only forbidden from giving the low price the owner may accept if they've been told that ?

Tuesday, September 20, 2005 4:49:00 PM  
Blogger Little_Silvered said...

I don't know the answer to your question, however, in both cases the broker at the open house was not the actual listing broker.

Tuesday, September 20, 2005 4:51:00 PM  
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