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Overpriced is relative to what the market will bear, and also to the condition of the house and seller expectations. We bought a few months ago, but had specific criteria in terms of general location, needed to have first floor master or at least first floor full bath and BR, and should have most updates already done. I was looking at what certain houses sold for a year or two ago, seeing the asking prices at 30% to 40% higher than the most recent sale price, and I was drawing the conclusion that they were overpriced. My wife pointed out that it's all about what the current market supports. What a house sold for six months, one year, or two years ago is irrelevant. The houses we were most interested in were all going under contract within the first few days they were on the market. That fact proved to me that she was correct.
Go to this link and enter the address number and the street name (do not enter words like "Street," "drive," "Lane," etc.)
That will bring up current owner info for the house. Across the menu bar you'll see a link that says "Sales." Click on that and you'll get about two pages of transactions that have occurred within X radius of that property. We paid $21,00 more for our house than any of the listed sales, to date, in our area. Houses don't pop up on the market often in this neighborhood, and when they do - they sell fast. This house had everything we wanted (and then some.) Three years ago the previous owners spent over $80,000 having an unfinished part of the second floor turned into a kick-a** master suite with huge custom walk-in closet, gigantic custom master bath, 400 sq ft bedroom, and also added a second HVAC unit to handle upstairs cooling. Two years ago they added a nicely built deck and a big screened porch on the rear. All those were needed upgrades and were properly built. We don't ever plan to move - will likely return and spend the rest of our lives here.
Here's the thing - it sold one year before we bought it, and at $345,000 it was the highest price ever for any property in that neighborhood. It was listed at $360,000, and we offered $364,000 the first day it went on the market (along with a combined total of $6,000 in due diligence and earnest money.) My wife cringed at offering more than the asking price, but we got the house in a competitive bidding situation, and now that we are living in it - we know it was a good purchase.
When first looking we wanted to come in at 10% to 20% below the ask ion some houses. The realtor said he would do it if we really wanted to, but advised that in his experience in this current market, even 5% below the ask is unlikely to be accepted. Again - it's a matter of how realistically priced the house is. If it needs a lot of updates, you can do this as you go along while you live there, and the seller has priced it unrealistically based on what other properties in that area sell for... then for it!
I lived in that neighborhood for 13 years! It was awesome - so interesting someone bought/sold in a years time. That doesn't happen there often unless it's work relocation. That neighborhood is a great example of finding semi-updated well built homes for under $400. Well located and great community feel. We were sad to leave but found another great spot just down the road with a bit more space. I nearly died a couple of years ago when the first house to sell over $250 happened. Couldn't believe the increase in prices there or fathom spending $300k + on buying a house to knock down for land but seems to be new normal.
Don't look now but prices are gettin crazy again across the country -crazy as in vastly outpacing real wages and wage gains to a point that makes it increasingly unaffordable to ave folks of ave means.
I predicted earlier it would sell for high 500s. I still think it will.
Should have listed @ $599K. Better chance at selling at or above asking. A little yard work wouldn't have hurt either. This time of year you are chasing pricing and market activity downward.
Should have listed @ $599K. Better chance at selling at or above asking. A little yard work wouldn't have hurt either. This time of year you are chasing pricing and market activity downward.
I would not have listed it over 600k, no.
At 599k, would have looked like they would take that or a wee bit less, and the house would have sold faster.
Agree re: tidying the lawn.
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Has anything in the past year sold in PV for low 5s?
I don't know but I feel like a 2800sf house is a unicorn in PV. Maybe that will help to grab a premium, who knows.
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