On the market for a new home? This may be your lucky week. From NJrereport.com
One of the largest U.S. real estate brokerages on Monday said it is asking its sellers to cut listing prices by as much as 10 percent to kick-start U.S. home sales in a market plagued by a two-year price slump and near-record unsold supply.Coldwell Banker Real Estate said some 25,000 sellers listing homes with its brokers will cut prices during its first national, 10-day sales event starting on Friday that aims to lure potential buyers off the sidelines of the worst housing market since the Great Depression.
Randy Lipkin at Coldwell Banker's Caldwell office told us the response from homeowners trying to move their properties has been phenomenal. "There are 39 homes listed in our office with the sale price cut, 738 throughout New Jersey."
However none of the Coldwell listings in Montclair or Glen Ridge have reduced their prices. The reason, said a realtor who asked not to be named: homes in those towns have been moving and properties are well priced.
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Comments (19)
But where will the mortgages come from?
People will still be able to get mortgages but their credit will have to be stellar, I imagine. And they will need to put money down.
Money down?
What does that mean?
Are you suggesting that I put up MY money?
You're so old fashioned.
There were 4 houses on my street in Bloomfield listed for sale throughout most of the Spring and Summer. Just in the last several weeks, however, all four have either sold or are under contract. The financial markets may have collapsed but at least some people are still out there buying houses (or at least were).
I wish I had a bucket full of cash because if I did I would be out there buying houses AND stock.
Any chance of Montclair lowering property taxes by 10%?
No? Guess I still can't afford a house in Montclair.
GNM: I'd would just be tickled pink if my taxes stayed the same and did not go up. Fat chance.
Yes, homeowners. It is a really good idea to cut your asking price by 10%. Our agents aren't making enough commissions, so it would be swell if you would forgo 10% of the value of the largest asset that you own to help us out. Seriously.
LOL Spicoli. I guess they haven't considered dropping their fees by 10% have they?
Spicoll,
You took the words right out of my mouth
10%
I don't think even 30% would be enough....not even in Montclair.
The worst is yet to come, and most realtors don't realize it yet.
The agents are in more denial than the sellers. Even at 30 per cent off, in today's world....no bargain. Wait a year or two, then buy, real estate and stocks. Only suckers are buying now, in my opinion. We haven't hit the capitulation point yet.....we're only flinching prior to being hit....and I lost about 25 percent of a sizeable portfolio this year.
Ah, it just occurred to me. I wonder how many realtors have subprime mortgages ? Think they believe their own hype ?
I'm comforted, jimmyp, by the fact that you don't know any more than the so-called experts. Let's both hope so.
In other news, the global economy is not the only thing that seems to be ripping apart at the seams:
McCain was booed by his own supporters Friday when, in an abrupt switch from raising questions about Barack Obama's character, he described the Democrat as a "decent person and a person that you do not have to be scared of as president of the United States."
A sense of grievance spilling into rage has gripped some GOP events this week as McCain supporters see his presidential campaign lag against Obama. Some in the audience are making it personal, against the Democrat. Shouts of "traitor," "terrorist," "treason," "liar," and even "off with his head" have rung from the crowd at McCain and Sarah Palin rallies, and gone unchallenged by them.
I think much of these lynch-mob hysterics can be attributed to the frothing frenzy into which Palin has been whipping Republicans in recent days as McCain's pitbull with lipstick.
Oh, and this just in:
A legislative committee investigating Alaska Gov. Sarah Palin has found she unlawfully abused her authority in firing the state's public safety commissioner.
I have to wonder if McCain is having a real bad case of buyer's remorse right now over his VP pick. He should have picked Hilary (hey, why not, she's less liberal than Lieberman!)
Wow Pork. So if Obama wins, it seems we'll have a lot of very angry white gun totin' types running around. Can an assassination attempt be far behind?
The experts set up my balance portfolio Walleroo. In Treasuries for the time being. I have a hard tme believing the conventional "wisdom" anymore. I don't regret "going cash" the beginning of the week, despite what the "experts", financial or real estate have to say.
jerseygurl-
I thought it was pretty well established that if McCain wins the super-left granola munchers will be calling for a recount, whereas if Obama wins the super-right 'gun-toting' folk will be out purchasing ammo...
That pic looks like she's straight outta Christopher Court.
'Wow Pork. So if Obama wins, it seems we'll have a lot of very angry white gun totin' types running around. Can an assassination attempt be far behind?
JerseyGurl...r u for friggin real to make that kind of statement? What an insensitive stereotypical racist rant. Oh, yeah, the Dems are progressive and tolerant..sure they're tolerant as long as you spew the party line.
You are out of line this time, gurly.