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Are these sellers delusional or is it me? They bought the house in 2013 and it's just been listed for sale again. I saw the listing two years ago and it doesn't look like any upgrades have been made. However, they're asking for $25K more than what they paid. Why would anyone pay that knowing what they paid in 2013? Also if they're leaving after only two years, it seems like maybe they weren't happy with the purchase. Am I jumping to conclusions?
Are these sellers delusional or is it me? They bought the house in 2013 and it's just been listed for sale again. I saw the listing two years ago and it doesn't look like any upgrades have been made. However, they're asking for $25K more than what they paid. Why would anyone pay that knowing what they paid in 2013? Also if they're leaving after only two years, it seems like maybe they weren't happy with the purchase. Am I jumping to conclusions?
Yes, you are jumping to conclusions. BIG ones.. PLENTY of good reasons people sell houses after only two years. Job change, disability, having twins and needed a bigger house, divorce, death, remarriage, needing to take care of an elderly relative. The list goes on and on, and the reasons are literally, none of the potential buyers business. (But can be valuable if you find them out).
And what they paid for the house is entirely irrelevant to its CURRENT market value. Only recent compos from actual sales matter when determining the market price for a house. The sellers may or may not "be delusional", but without looking at current comps, nobody can say for sure.
People routinely find reasons to deny themselves things in life.
What they paid is not relevant in the current market. What the value is to you, and to other buyers, is quite relevant.
Are these sellers delusional or is it me? They bought the house in 2013 and it's just been listed for sale again. I saw the listing two years ago and it doesn't look like any upgrades have been made. However, they're asking for $25K more than what they paid. Why would anyone pay that knowing what they paid in 2013? Also if they're leaving after only two years, it seems like maybe they weren't happy with the purchase. Am I jumping to conclusions?
You can ASK anything you want, but it is what the house is actually worth by appraisal that matters!
$25K doesn't mean much without knowing the price. After 2-3 years, in a slowly recovering market, similar condos in our building are selling for $100K more than we paid. The current market, not the market 2+ years ago, determines the value.
$25K doesn't mean much without knowing the price. After 2-3 years, in a slowly recovering market, similar condos in our building are selling for $100K more than we paid. The current market, not the market 2+ years ago, determines the value.
The value of homes in this particular neighborhood hasn't gone up. The former owner listed it for a similar amount two years ago and the current owner didn't offer that, so I can't rationalize offering it either.
A house is worth what it is worth today based on the current comps. Today's value has nothing to do with what it sold for two months or two years or twenty years ago. People on both sides of the equation would do well to remember that: just because you paid X for the place doesn't mean that the current market will allow you to sell it for that price, and just because someone paid less in the past does not mean you are entitled to a deal today.
This situation sounds pretty normal/modest to me, given the economic conditions over the past few years. I don't know about your area, but where I live we hit the trough of the market between 2 and 3 years ago. I was lucky enough to buy my house the very month that experts later determined was when we reached rock bottom, and I can tell you that if I were to sell today I would be ahead by a lot more than 25K.
The value of homes in this particular neighborhood hasn't gone up. The former owner listed it for a similar amount two years ago and the current owner didn't offer that, so I can't rationalize offering it either.
In another thread, you said:
Quote:
Originally Posted by Sweet Like Sugar
I'm a buyer and I don't like that I have to go through my agent to view a house (unless it's an open house). My preference would be to have the listing agent show it to me. I want someone to sell me the house and point out what's great about it. All my agent does is set up the appointment, unlock the door, and maybe make a comment here and there while I view the house.
Sugar, I'm not trying to sound patronizing, but you need to learn a bit more about real estate practices and how to find a good buyer's agent to represent YOUR interests before you buy anything. Lack of education/knowledge is a dangerous thing.
A house is worth what it is worth today based on the current comps. Today's value has nothing to do with what it sold for two months or two years or twenty years ago. People on both sides of the equation would do well to remember that: just because you paid X for the place doesn't mean that the current market will allow you to sell it for that price, and just because someone paid less in the past does not mean you are entitled to a deal today.
Exactly. Don't fixate on what the seller paid for it, it means absolutely nothing. Instead concentrate on what's selling/sold for in the area with similar sq footage etc.
Sugar, I'm not trying to sound patronizing, but you need to learn a bit more about real estate practices and how to find a good buyer's agent to represent YOUR interests before you buy anything. Lack of education/knowledge is a dangerous thing.
My agent needs me to buy something so that she can get paid so it's never going to be all about my interests. But at the end of the day, I'm only going to offer what I'm comfortable offering, and I'm not interested in the house in question anyway.
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