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One might argue there are no delusion buyers and sellers but only delusional agents who represent them.
How many times have you found an agent willing to list a home for a price that they know won't sell. Tell the seller what they want to hear to get the listing is the mantra.
I like to think of a selling price as that which will result in a closed sale in 90 days or less from list date. This is me; your mileage may vary.
It's a stereotype but often holds true that older sellers who haven't updated their homes are unrealistic about their home's value, and also too emotionally attached. .
Updating can be very subjective...
I bought a 1922 Craftsman Bungalow from the original owner... she was 18 and her husband 30 when they bought new...
When she moved to live with a niece it came basically furnished... and due to her limits not much had been done in a long time...
Money being tight, I decided to simply go room by room cleaning, polishing, repairing... all the original 1922 items like single pane double hung windows and skeleton key locks... original high leg stove and 1922 American Standard Fixtures. My friend were primed for a demo party that never happened.
When it came to sell the the home set a new all time price for the area... simply because it HAD NOT BEEN UPDATED...
Make no mistake there were plenty of updated homes around... and one look was all it would take to know when... 1950's 1960's, 1970's... etc.
When I sold my brothers home that had oak cabinets and tile counters that I had done 20 years prior it too sold for a new high price... the doors and trim were all stain grade and the tile set in mortar...
The buyers were an older couple and detested the all white painted everything they were seeing...
Being dated with quality materials was not a negative.
Last edited by Ultrarunner; 08-06-2017 at 01:12 PM..
The price per square foot confuses me. If it's a tear down, is it free?
There was a house on 1/3 an acre with no view near my home in California. You could see through the roof. Went for $1.8M. You need to factor in the location and lot size.
One might argue there are no delusion buyers and sellers but only delusional agents who represent them.
you need to meet our friend just_because
I can argue that the sky is purple, and have a stronger position than a claim that any professional Realtor intentionally supercedes what a Seller believes is rightly the market value by going 10% above that.
well, residential real estate, like the stock market, rises over long periods of time (though clearly should be at a lower rate). If a location has added lots of employed residents, and has a good unemployment rate, then it's only natural that today's value would eventually exceed 2006/2007 value.
If I am selling a home but I am in no hurry for the cash, then I list the house at what I believe is the value of the home, NOT the buyer. I own property that I will sit on indefinitely to get the price I believe is reasonable. Just because the average buyer thinks it's inflated is not my problem. Real estate usually goes UP in value with time. If I am in no hurry to sell, why would I lower the price? And, if you have driven by the property for 10 years, believing it was your "dream home" perhaps you need to find a new one. I have a property on the market now that the realtor is pressuring me to lower the price on after 1 year on the market but, I know the area, know the comps, and know what additional factors my property has that makes it a great find. If it sits for 5 or 10 years, so be it. I don't need the cash and I'm not giving it away.
Your property is worth what a willing buyer will pay. Period. It doesn't matter what you think it's worth, what you paid for it, what's owed on it, what the insurance company thinks it's worth, what the tax assessor thinks it's worth or even what an appraiser thinks it's worth, although the latter should be fairly close. You can wait for the property to appreciate to your price point, but it won't sell until a willing buyer with the means to buy it actually does so.
Your property is worth what a willing buyer will pay. Period. It doesn't matter what you think it's worth, what you paid for it, what's owed on it, what the insurance company thinks it's worth, what the tax assessor thinks it's worth or even what an appraiser thinks it's worth, although the latter should be fairly close. You can wait for the property to appreciate to your price point, but it won't sell until a willing buyer with the means to buy it actually does so.
His property is worth what he'd be willing to pay to buy it which may be more that what a real buyer would be willing to pay in which case he holds on to it. That's what I'm current doing for one property that a real buyer wants to buy.
Well we now know why he just didn't want to deal with us. Per our realator, once we said we can't do more he found out the seller had a verbal all cash offer and was using us to get them to commit and get that offer higher. There was no way we were going to win that as we need a mortgage that would require appraisal. Which of course would come above appraisal and then we were going to have issues.
At least I know there was literally no way we were going to get that house now.
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