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Lol! This is a good one. Tried just for 2 months to sell myself FSBO and gave up. Not because I didn't get offers but I got offers from delusional buyers who though their offer price was "justified" and tried to educate me as such. HA! Had one buyer show me her 2 comps which sold for $100,000 less than my list price. YEs, the houses were similar in #BR,#bathrooms, age, and sq footage BUT NOT in location! HEr comps were in town. My house is 3/4 of a mile from the Atlantic Ocean here in southern RI outside of town with a complete ocean view on a hill. Did she not take that into consideration? I wonder why?
I then showed her a house with the same sq. footage as mine, same #BR, same #baths, and age within 5 years. Guess what? That house sold last month for $1.2 million and it was not a McMansion....2 BR, 2 Baths, 15,000sq feet , and 50 years old RIGHT ON THE BEACH. The back door opens to a huge porch with sweeping views of the Atantic Ocean. Step off the porch and you are on the beach!
My point is LOCATION DOES MATTER! And don't let anyone tell you it doesn't. BTW I just listed (last week) with one of the most successful brokers in my town and she just called me today with 2 offers , one at 90% of my asking price, the other at 87% of asking price. And you know the funny part? One of the offers is from the same woman buyer who I just dealt with 3 weeks ago!!! And her latest offer is $70,000 more than what she offered before! LOL! Oh well she tried!
Location: Halfway between Number 4 Privet Drive and Forks, WA
1,516 posts, read 4,590,259 times
Reputation: 677
You got that right.
What I love is the delusional buyers who use distressed sales as comps.
I'm going to sell you my well maintained home for the same price as the foreclosed home 2 miles away in a totally different neighborhood...well...because, since that's the last sale, it MUSt be a comp, right?
Yeah freaking right.
Why don't buyers just go buy the shortsales and foreclosures and leave the resale market alone if they are sooo worried about getting the steal of a deal and having to take the risk of the declining market?
What I love is the delusional buyers who use distressed sales as comps.
I'm going to sell you my well maintained home for the same price as the foreclosed home 2 miles away in a totally different neighborhood...well...because, since that's the last sale, it MUSt be a comp, right?
Yeah freaking right.
Why don't buyers just go buy the shortsales and foreclosures and leave the resale market alone if they are sooo worried about getting the steal of a deal and having to take the risk of the declining market?
(BTW, I'm neither buyer nor seller)
Bingo! And did you read MAM's post on the sellers tellling lowballersto.......?
She thinks because one home has fallen to foreclosure low in a neighborhood, it sets the new ceiling for the rest. What's scary is that she is a real estate "consultant". It's interesting how some in the profession allow this delusional behavior from the buyers! It's like their all running scared and giving in to all of this BS, otherwise, thery are affraid NOTHING will sell. Man, I can't WAIT to talk about this in a few years. OR better yet, in 10 years, when we're all making a killing again on our homes we own right now! I'll put certain posters' names in the "time capsule" and we'll see what they have to say then. My guess is, they won't be around to eat crow. And they probably never bought either. They'll be wrapping themselves in bandages made of case schiller index reports from 2008, 2009 and internet links from RE analyists that said we're all doomed, and the paper will be all yellow with age.
Lol! This is a good one. Tried just for 2 months to sell myself FSBO and gave up. Not because I didn't get offers but I got offers from delusional buyers who though their offer price was "justified" and tried to educate me as such. HA! Had one buyer show me her 2 comps which sold for $100,000 less than my list price. YEs, the houses were similar in #BR,#bathrooms, age, and sq footage BUT NOT in location! HEr comps were in town. My house is 3/4 of a mile from the Atlantic Ocean here in southern RI outside of town with a complete ocean view on a hill. Did she not take that into consideration? I wonder why?
I then showed her a house with the same sq. footage as mine, same #BR, same #baths, and age within 5 years. Guess what? That house sold last month for $1.2 million and it was not a McMansion....2 BR, 2 Baths, 15,000sq feet , and 50 years old RIGHT ON THE BEACH. The back door opens to a huge porch with sweeping views of the Atantic Ocean. Step off the porch and you are on the beach!
My point is LOCATION DOES MATTER! And don't let anyone tell you it doesn't. BTW I just listed (last week) with one of the most successful brokers in my town and she just called me today with 2 offers , one at 90% of my asking price, the other at 87% of asking price. And you know the funny part? One of the offers is from the same woman buyer who I just dealt with 3 weeks ago!!! And her latest offer is $70,000 more than what she offered before! LOL! Oh well she tried!
Delusional? well that is still debatable on both parties. even in todays market in most parts of the US a house will still sell if it is priced right.....
I dont think I would be bragging about obtaining an offer that was 10% and 13% less than my asking price.....If the house is priced right it should sell for either the asking price maybe 2-4% less.......Not debating your issue just saying well......you know
What I love is the delusional buyers who use distressed sales as comps.
I'm going to sell you my well maintained home for the same price as the foreclosed home 2 miles away in a totally different neighborhood...well...because, since that's the last sale, it MUSt be a comp, right?
Yeah freaking right.
Why don't buyers just go buy the shortsales and foreclosures and leave the resale market alone if they are sooo worried about getting the steal of a deal and having to take the risk of the declining market?
(BTW, I'm neither buyer nor seller)
I think you'll find that, in reality, there are actually relatively few buyers picking up well maintained houses in great neighborhoods for the same price as trashed foreclosures in the crappy parts of town.
The point is that there are now well maintained houses in good neighborhoods going into foreclosure.
Sure, these will sell for more than the stereotypical foreclosed "dump in the s*itty part of town with the kitchen ripped out, holes in the walls and graffiti all over the front porch".
But generally they are selling for less than a non-foreclosure in the same subdivision.
These are the properties that are really impacting prices in the the "good" neighborhoods.
Not everyone that goes into foreclosure trashes their house before they leave.
Lol! This is a good one. Tried just for 2 months to sell myself FSBO and gave up. Not because I didn't get offers but I got offers from delusional buyers who though their offer price was "justified" and tried to educate me as such. HA! Had one buyer show me her 2 comps which sold for $100,000 less than my list price. YEs, the houses were similar in #BR,#bathrooms, age, and sq footage BUT NOT in location! HEr comps were in town. My house is 3/4 of a mile from the Atlantic Ocean here in southern RI outside of town with a complete ocean view on a hill. Did she not take that into consideration? I wonder why?
I then showed her a house with the same sq. footage as mine, same #BR, same #baths, and age within 5 years. Guess what? That house sold last month for $1.2 million and it was not a McMansion....2 BR, 2 Baths, 15,000sq feet , and 50 years old RIGHT ON THE BEACH. The back door opens to a huge porch with sweeping views of the Atantic Ocean. Step off the porch and you are on the beach!
My point is LOCATION DOES MATTER! And don't let anyone tell you it doesn't. BTW I just listed (last week) with one of the most successful brokers in my town and she just called me today with 2 offers , one at 90% of my asking price, the other at 87% of asking price. And you know the funny part? One of the offers is from the same woman buyer who I just dealt with 3 weeks ago!!! And her latest offer is $70,000 more than what she offered before! LOL! Oh well she tried!
Did you counter back with the 'delusional' buyer? Now that you are paying a RE commission, how much 'better' off will you actually be?
Location: Halfway between Number 4 Privet Drive and Forks, WA
1,516 posts, read 4,590,259 times
Reputation: 677
Quote:
Originally Posted by London Girl
I think you'll find that, in reality, there are actually relatively few buyers picking up well maintained houses in great neighborhoods for the same price as trashed foreclosures in the crappy parts of town.
The point is that there are now well maintained houses in good neighborhoods going into foreclosure.
Sure, these will sell for more than the stereotypical foreclosed "dump in the s*itty part of town with the kitchen ripped out, holes in the walls and graffiti all over the front porch".
But generally they are selling for less than a non-foreclosure in the same subdivision.
These are the properties that are really impacting prices in the the "good" neighborhoods.
Not everyone that goes into foreclosure trashes their house before they leave.
Doesn't matter, LondonGirl. Foreclosures, even in GREAT shape, are still considered DISTRESSED sales. Therefore, if no more than 25% of the SOLD comps in a given neighborhood are foreclosures or shorts, they should be excluded from the true comps for appraisal value.
I'm sorry if that doesn't fit your idea of a comp, but it is what it is.
Now if you want to argue that appraisal value does not equal market value, we need to start a new thread.
Doesn't matter, LondonGirl. Foreclosures, even in GREAT shape, are still considered DISTRESSED sales. Therefore, if no more than 25% of the SOLD comps in a given neighborhood are foreclosures or shorts, they should be excluded from the true comps for appraisal value.
I'm sorry if that doesn't fit your idea of a comp, but it is what it is.
Now if you want to argue that appraisal value does not equal market value, we need to start a new thread.
I don't remember where I read/heard this but supposedly if just one house forecloses within a 1/4 mile radius, it drags down the value of similar homes by 14-16%.
Location: Halfway between Number 4 Privet Drive and Forks, WA
1,516 posts, read 4,590,259 times
Reputation: 677
Quote:
Originally Posted by Flat2MT
I don't remember where I read/heard this but supposedly if just one house forecloses within a 1/4 mile radius, it drags down the value of similar homes by 14-16%.
Does this sound plausible?
No, it's not. You heard wrong.
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Oh well she tried!
