Remember those lowball offers?
July 3rd, 2006 by Kenric
Back on June6th I had put an offer on a house that was at $410k. I offered $370k and the owners were insulted with such a low offer. Well today a same model house as theirs reduced their price from $450k down to $379k! That is a drastic $70k reduction. Now do you think their house at $410k will sell? I bet my $370k offer wouldn’t look that bad now. If this $450k had been priced at $370k one month ago I probably would have made an offer and have ended up purchasing it. I’m glad it wasn’t.
The number of price reductions in this subdivision is starting to worry me. Prices are really starting to drop and the price per sf is dropping fast. The builder was selling the model home of SFH#2 at $599k. They have dropped it down to $566k.
Update on houses I made offers on:
HO#1 – $410k Still active, same price
HO#2 – $329k Under contract price unknown
HO#3 – $400k Under contract at full asking price
HO#4 – $400k Under contract price unknown
HO#5 – $400k Still active, same price
HO#6 – No info
So it looks like people are still buying homes. I’m very interested to see what the sell prices are for these homes.
Posted in Real Estate | 2 Comments »
Stumble it!
I wonder how many buyers will have the same realization you had after it is too late. Ouch.
By Out at the peak on Jul 4, 2006
Wow. From reading Brian’s, Shaun’s, and your blog as well as from scant RE news I’ve gotten, it sounds like Arizona’s RE market is starting to correct itself by going back down. Hopefully, the trend will stabilize in the next couple of years. After that, I’m sure your region will once again go up.
By Steve on Jul 5, 2006