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Old 03-27-2018, 04:43 PM
 
Location: Pie shape
5,700 posts, read 8,307,956 times
Reputation: 6249

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So several years ago the house across the street from me sold within the family at an insanely low price, over $10,000 less than I had paid for my house two years prior (I think it was two years prior).

It's a definite comp for my house, same bedroom/bath number, similar square feet, across the street from mine.

The housing market has exploded where I live, with ridiculous sales prices and multiple offers.

Welp. The house is on the market again, through a realtor, and they are asking at least $15,000 less than I know they can get.

THIS STINKS FOR ME.

Their house has a bigger kitchen and deck and probably will sell higher than mine.

Question - did they list it at $170K (ugh) because they sold it for $120K a few years back? Is there a bank appraisal issue potentially? House is in great shape and there was basically a carnival out there today first day of the listing.

I cannot believe the realtor listed it so low.
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Old 03-27-2018, 04:45 PM
 
Location: Cary, NC
31,643 posts, read 55,374,605 times
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Low list price to feed a frenzy.
Common in our market.

Agent gets to puff about 57 showings and 8 offers, first day.
Closing is the only thing that matters.
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Old 03-27-2018, 04:48 PM
 
Location: Pie shape
5,700 posts, read 8,307,956 times
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Interesting thanks! There definitely was a frenzy today! It's a very cute little house. When I went out to pull in my garbage bin two people asked to buy mine. This market is nuts.
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Old 03-27-2018, 04:59 PM
 
Location: Los Angeles (Native)
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Yeah I agree they are trying to get a lot of interest and create a bidding war type of situation.

Are you planning to put your home on the market soon ?
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Old 03-27-2018, 05:10 PM
 
Location: Pie shape
5,700 posts, read 8,307,956 times
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Quote:
Originally Posted by jm1982 View Post
Yeah I agree they are trying to get a lot of interest and create a bidding war type of situation.

Are you planning to put your home on the market soon ?
I actually was, but didn't know where else to go just yet, and now I have a parent with cancer and a low mortgage so am doing nothing with that for the time being. Likely within a year, though, grr. Hope they do get that bidding war. I think they could have gotten that frenzy even with a much higher price reflective of this year and not two years ago. My town is suddenly very popular.
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Old 03-27-2018, 10:16 PM
 
Location: Los Angeles (Native)
24,217 posts, read 13,717,086 times
Reputation: 11405
Quote:
Originally Posted by NorasMom View Post
I actually was, but didn't know where else to go just yet, and now I have a parent with cancer and a low mortgage so am doing nothing with that for the time being. Likely within a year, though, grr. Hope they do get that bidding war. I think they could have gotten that frenzy even with a much higher price reflective of this year and not two years ago. My town is suddenly very popular.
Hope your parent gets better soon .
Yeah if the comps are really higher itís most likely itíll go for over list price . I wouldnít worry about it too much.
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Old 03-28-2018, 06:40 AM
 
1,521 posts, read 569,016 times
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A listing price wouldn’t affect your comps at all anyway. Only the sold price.
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Old 03-28-2018, 09:36 AM
 
Location: Pie shape
5,700 posts, read 8,307,956 times
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I hope it sells $15,000 above listing price (unlikely) (at least $5,000 above ?)
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Old 03-28-2018, 09:41 AM
 
Location: Cary, NC
31,643 posts, read 55,374,605 times
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Quote:
Originally Posted by NorasMom View Post
I hope it sells $15,000 above listing price (unlikely) (at least $5,000 above ?)
Honestly, right now, we are guessing at pricing.
So many properties are selling for well over what comps support (and you have to be willing to bake an ascending price curve into the calcs) that regardless of the list price the buyers are routinely surprising us with high offers.

Good houses, well-kept, good locations, you can expect to have some frenzy.
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