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Dabaomb just keeps typing; where are all these bunches of questions he refers to? Clearly inside his head only. It's all a big conspiracy on somoenes 'mystery' house.....Not GOING TO type the address dear.
NO ONE ASKED FOR THE ADDRESS!!! THERE IS NO CONSPIRACY "DEAR"
A house selling $100k above ask is not out of the ordinary. Even if you added the basic fact that the house was listed at $500k and sold at $600k instead of "just crazy," that's not out of the ordinary either. A house selling for 20% above ask happens all the time even before COVID-19.
They could have underpriced the house to kick off a bidding war knowing inventory is low. But the only information we got was "that's crazy".
How does it work when one starts with a low asking price? When you get multiple bids you just keep pushing everyone else up endlessly? And everyone else has their hopes & money tied up for as long as the seller needs? At what point does the seller even say it's enough? We are living in times where there are 20+ bids. Given that, wouldn't you get even more if you just priced it right in the first place since it starts higher?
Wow, $21k taxes for that size of a lot too... people really are nucking futs in the tri-state. One big lousy cycle... pay more because you can afford it monthly, because you make enough from work, but forced to work these jobs tying you here because now you're in great mortgage debt. Self-imposed stress, for a tiny lot $1mil home.
How does it work when one starts with a low asking price? When you get multiple bids you just keep pushing everyone else up endlessly? And everyone else has their hopes & money tied up for as long as the seller needs? At what point does the seller even say it's enough? We are living in times where there are 20+ bids. Given that, wouldn't you get even more if you just priced it right in the first place since it starts higher?
Wow, $21k taxes for that size of a lot too... people really are nucking futs in the tri-state. One big lousy cycle... pay more because you can afford it monthly, because you make enough from work, but forced to work these jobs tying you here because now you're in great mortgage debt. Self-imposed stress, for a tiny lot $1mil home.
People will price it below market to get more buyers interested. For example, maybe a house is worth $1.1mm based on comps but instead of listing for $1.1mm, you list for $999k. This will bring in the buyer's who have a max budge of $1mm. That person with a max budget views that house that they normally wouldn't have and they fall in love with it. Maybe they thought that their max budget was $1mm but for this house, it's now $1.2mm or even higher.
I think every situation is different but a common practice amongst realtors is after they put a house on the market and they receive multiple offers, they'll go back to the buyer's agents telling them to tell their clients to submit their final and best offer by a certain deadline. Buyers don't want to be in never-ending bidding wars and this tactic will get people to pay as much as they are able to for a property. Now if there are 2 similar bids (say one is all cash or waives mortgage contingency, etc.) and the lower bid is the all cash offer, they might outright take that or ask that the all-cash bidder to match the other bidder's price.
Regarding your second statement, it's true. The motivating factor for a lot of people, even greater than having a huge house or a huge piece of property is moving to a specific school district and they are willing to do whatever is necessary to get into that district, even if it means stretching their budget, buying a smaller house/lot, etc.
The motivating factor for a lot of people, even greater than having a huge house or a huge piece of property is moving to a specific school district and they are willing to do whatever is necessary to get into that district, even if it means stretching their budget, buying a smaller house/lot, etc.
Yes we're counting on it when it's time to sell, because the $20k taxes and climbing every year is beyond ludicrous. People will still want it. I mentioned in another thread there's a house in the neighborhood with $52k taxes. Pfffftthhahahahahahaha. Like throwing money down the garbage chute.
How does it work when one starts with a low asking price? When you get multiple bids you just keep pushing everyone else up endlessly? And everyone else has their hopes & money tied up for as long as the seller needs? At what point does the seller even say it's enough? We are living in times where there are 20+ bids. Given that, wouldn't you get even more if you just priced it right in the first place since it starts higher?
Well, without knowing the property, we don't know if it was sold at the average price for the neighborhood. It may have been sold at or around the price of other home in the neighborhood. If the neighborhood is full of 600K homes, and there's a home just as nice on the market for 500K, it's likely is was underpriced, and will be sold much higher. But I highly doubt it was purchased 100K over the value. 50K is possible though.
Also your money is tied up if it's for purchasing a home... besides your don't put the money into escrow until the contract with agreed upon.
Yes we're counting on it when it's time to sell, because the $20k taxes and climbing every year is beyond ludicrous. People will still want it. I mentioned in another thread there's a house in the neighborhood with $52k taxes. Pfffftthhahahahahahaha. Like throwing money down the garbage chute.
The housing market won't go up forever but property taxes definitely will. Right now is just a perfect storm of people wanting to leave NYC due to COVID-19, low mortgage rates & low inventory.
Property taxes can be crazy. If your neighbor's house has 2.5 times property taxes as your house, it should be assessed at 2.5 times the value of your home.
Yes we're counting on it when it's time to sell, because the $20k taxes and climbing every year is beyond ludicrous. People will still want it. I mentioned in another thread there's a house in the neighborhood with $52k taxes. Pfffftthhahahahahahaha. Like throwing money down the garbage chute.
I saw that house on the MlS! It’s unsellable and most likely owners for blindsided by the taxes hence the short time residing in it.
Yes we're counting on it when it's time to sell, because the $20k taxes and climbing every year is beyond ludicrous. People will still want it. I mentioned in another thread there's a house in the neighborhood with $52k taxes. Pfffftthhahahahahahaha. Like throwing money down the garbage chute.
yeah, agree. Can you just sell it without a realtor? i mean, if they'rea ll FLYING OFF the shelves, go for it!?
My point exactly. This is now common practice. Price the home at 425k,,,, watch it sell at 475k or higher... SMHHHHHH
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Clearly inside his head only. It's all a big conspiracy on somoenes 'mystery' house.....Not GOING TO type the address dear.
