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Location: Chapel Hill, NC, formerly NoVA and Phila
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Quote:
Originally Posted by twingles
I know, it's crazy! Now one of my long-timer neighbors told me that the one house is smaller than average and it doesn't have a lot of curb appeal, but the other one is just kind of baffling. Houses have been going here within a week on the market unless there is a location problem. It just doesn't make sense - as a seller I would try to get the highest price I could - what's the worst that happens, it sits for a week or two? Oh the horror!
For some people, a bird in the hand is worth two in the bush, especially when it comes to selling homes.
you don't get to arbitrarily price your house $50K+ higher than market and then drop it 2 weeks later and magically have the right buyer appear.
the most motivated buyers are buying....TODAY.
If $50K is within 5% of market value - sure. But it sounds like the house was smaller and less updated than those selling for $50K more. Which truly, in and of itself would still be a big stretch. It's very hard for us to put a price on what a Buyer is willing to pay to do all the updating themselves. $20K of updating rarely = $20K lower price, it's still more like $40K in price lost.
I'd be interested in hearing about your neighborhood then, because nobody is leaving $50K on the table over 10 days on the market.
Normally I would agree with this, but I've seen the same thing happen in my neighborhood recently. There was a house that recently was contingent within a day asking $40-$50k less than the two houses (similar models with less actual square footage that also were contingent within a week of hitting the market. I was talking to the neighbors about it and it made no sense to us. I heard they needed to get out quick because they already were under contract to close on another house close by. With that being said, how could they literally leave at least $30-$40k on the table for a few more days on the market? Every single resale in my neighborhood within the last year has been contingent within a couple/few weeks except one that I know of. This house had a lot of extras as well and looked to be in great shape.
then there was serious incompetence involved. and y'all live in very nice neighborhoods!
I hear ya, it blew my mind They surely could have gotten that extra $30-$40k, there is no doubt in my mind about that. Even if they got the full price offer the first day, why didn't they decide to solicit more offers and get in a mini bidding war? A few more days would have meant thousands more. I've heard of realtors soliciting people to see if they're interesting in selling their homes, even though most people have been here less than 3 years. I still can't wrap my head around it, since I don't believe they're stupid. Oh well, good news for the buyers!
I just spoke with one of my neighbors who sold his 2,100 square foot ranch home in just three short hours! He purchase it 16 months ago and made a cool $25,000 by adding little touches like built-in shelving. I'm sure the fact that he keeps a meticulously neat house didn't hurt either. I don't know about the rest of the Triangle but here in Wake Forest prices are definitely up.
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They surely could have gotten that extra $30-$40k, there is no doubt in my mind about that. Even if they got the full price offer the first day, why didn't they decide to solicit more offers and get in a mini bidding war? A few more days would have meant thousands more. I've heard of realtors soliciting people to see if they're interesting in selling their homes, even though most people have been here less than 3 years. I still can't wrap my head around it, since I don't believe they're stupid. Oh well, good news for the buyers!
He purchase it 16 months ago and made a cool $25,000 by adding little touches like built-in shelving. I'm sure the fact that he keeps a meticulously neat house didn't hurt either. I don't know about the rest of the Triangle but here in Wake Forest prices are definitely up.
