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I'm amazed that there are still so many delusional sellers out there. Just in the last 24 hours two new listings caught my eye in my area because they were way overpriced for the size, quality of finishes and location.
Yesterday it was a 3 bed single story ranch that had the interior finishes of a house worth twice as much, but the room count and sizes, along with the location just didn't match the price. They were asking $265k and I doubt they will get more than $180k. (btw there is a clawfoot tub installed in the stone tiled walk in shower, which has no windows. It's quite a sight!)
Today it's another 3 bed single story ranch which has older finishes and needs some updating, nicer location but again overpriced at $269k. Meanwhile there are better homes listed nearby for $20-30k less that aren't moving.
Why don't people realise that they aren't doing themselves any favors with this?!
Personally I'm hoping house #2 stays on the market for another 6 months and drops to under $225K, then I'll be interested!
I see this all the time as well. One of my first thoughts is if this is a short sale situation where the motivation is actually to not sell the house, but to live in it as long as possible without making payments.
But I'm sure some of it is still delusional sellers as well. It does make you wonder though about the agnets that take those listings.
i saw a place out here in the middle of CA selling for about $.285k.. ok here the kicker is was a small two bedroom with a single bath with small kitchen and front room ..bult in 1920s era and it was falling down and no way i would pay that price here ..for the only real thing to do was to completely gut the home out and see how bad it was and if need to completely tear it down and build something new ..
two years later i drive by the place and it still got the same price tag on it and the guy will not come down in price and he has no offer on it ..but he refuse to move on the price ..the area is trying to get the house condemmed to get rid of the eye sore..
Theres homes in Los Angeles and Long Beach area that have been listed, delisted, and listed again repeatedly and effectively been on the market for 2-3 years now, all due to delusional sellers.
Now the short sales that don't want to sell are a whole different ballgame around here. You see endless listings where the photos are just shocking, if there even are any. Junk left everywhere, nothing cleaned. The agents should be ashamed to put their names to these listings, especially since they stand little to no chance of actually getting a sale.
The agents should be ashamed to put their names to these listings, especially since they stand little to no chance of actually getting a sale.
Should be, but if they're not a household name in that neighborhood, then there's not much of a reputation to lose there. The mentality is that if a sale yields from this, good for me. If not, oh well, I didn't put that much time and effort in it anyways. The listing agent figures that "if I don't take on this listing, someone else will; at least this gives me an opportunity to talk some sense into the sellers down the line."
Right?! Imagine how claustrophobic it is sitting in there!
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