Our Philadelphia broker reported today that he closed on a home that was for sale with one of his buyers for $491,000. The seller had paid $620,000 for it only 3 years ago, and had to come to the closing table with $10,000. This is a tough situation, but shows that the housing decline has affected even desireable suburbs in New Jersey
This is a recent report from one of our agents who services the Los Angeles Market:
“It is a xxxxxxxxx snake pit out here right now. REO listing agents are listing homes $50,000 under what they are worth and causing feeding frenzies. Sometimes I am one of 20 or 30 offers on a house. The worst thing is the listing agents are so inundated with phone calls that it is impossible for them to return calls, if at all.
I worked 5 hours on a deal on Monday, only to get an email from the listing agent that it had sold at noon on Friday, but she just had not had the time to update the MLS nor return any of my calls since Saturday.
Just when I thought I had seen it all, a new craziness hits the real estate marketplace.”