Industry News

The lowball offer

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

A picture may be worth a thousand words, but nobody's house is worth what they think it is in this market. The tough part is telling people that. I went to see a house in Southwest Newark, N.J., practically in Hillside, in an area where the streets go block-by-block. I went at night, which on reflection was slightly stupid, but I didn't know that part of town well and was trying to get a handle on what the city was like. (I have always held to the "eat your own cooking" philosophy.) So I jumped off a bus and walked along for a while, watching respectable blocks alternate with loud blocks and deserted blocks by turn. And then I came to what can only be called a nice block, with tiny little Colonials in decently kept rows. We're talking small houses -- 1,800-square-foot, three-bedrooms, with just one bath – but good starter homes. There was a listing of a house for $199,000, which was listed in the MLS as a "rehab" candidate listed "under market price." Well, they got half of th...