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thank you silverfall. there seem to be so many uptight realtors on this thread who can't see the wood for the trees. for what it's worth, do i cc the owners in my communication with the realtor?
I think the important phrase in there is "potential buyers". If you are, indeed, a potential buyer for a specific property, sure, ask why it's priced the way it is.
If you're just wanting to run around asking a lot of sellers/agents to justify their pricing to you because you don't like how properties are being priced? That's something else again.
Only you (and the people you challenge regarding their pricing) will know which one you are. Your thread title comes off as the latter, though.
to be fair it's a bit of both. i'll be moving back to the states come october so i'm pretty keen to move forward. i've singled out about 12 similar lots. some are nicer than others but the discrepancies in price are huge. the cheapest one on my list is one of my favorites regardless of price. i keep thinking that i must be missing something and it is cheap for a reason which i can't see. that is why i want to ask the other 11 what i'm missing.
the second reason is like you say. i just get annoyed with sellers holding onto this hazy view of reality. whenever i get overpriced new listings coming through i feel like asking them if they know what their competition is going for. they are trying to hold on to this illussion of value which is not helping the market to move.
Well, you have no idea of knowing, from overseas with limited information available to you, reasons that may be very obvious (or not) to the parties involved. The cheapest one might be an inheritance that they owe nothing on and simply want to move to settle the estate. It could have been foreclosed upon. It could have something going in next door that is going to limit the possible uses and thus makes it less valuable.
You're starting out with the assumption that it's the lots that aren't low priced that are the ones that have something "different" about them. It could very well be the one that's low priced.
THL, another thing we here in TX have to deal with is mineral rights of land. Price could be with or with out mineral rights and the value of mineral rights will vary by location.
Makes me wish I owned a few hundred acres of scrub land in the oilfields of West TX.
thank you for answering the question mike. would you be offended if someone asked you to justify your price? or would you just rationally explain your position and move on?
I would just explain it as well as I could to them, whether they think it is a good rationale or not is up to them.
i've been watching the real estate market for a long time now. the thing that puzzles me is that i don't think realtors/sellers are looking at what the competition is selling for. the discrepancies in price for similar homes in similar areas is huge.
i know of 2 side-by-side lots, identical in everyway. one is listed at $495k the other $250k. my realtor said it's a case where one is slightly overpriced and the other slightly underpriced. SLIGHTLY?!?!?!?!?!
considering that both places have been on the market for over 18 months i'd beg to differ. imo they're BOTH OVERPRICED!!!
would it be ethical/legal to email both the owner and realtor the details of similar lots in the area which are more competitively priced? i think some of them are in serious need of a reality check!
Not at all -- go for it! Perhaps use 2009 tax assessments to help back you up.
Not at all -- go for it! Perhaps use 2009 tax assessments to help back you up.
However, tax assessments are always, of necessity, behind the market by about a year. Just keep that in mind.
I never use tax assessments to determine the value of property. I WILL use them to compare to the recent sales to see how much above or below tax value the market in a general area is running - it's usually in the tens of thousands.
And Rakin's right about mineral rights. I would NEVER sell the mineral rights on my 40 acres of the original family farm in East Texas. Likely wouldn't sell the land, but definitely wouldn't sell the mineral rights. That could make a difference right there.
If I were trying to sell a house and wanted to make it seem like a bargain, I might talk a few of my neighbors into listing their houses for a huge premium over what I was asking....
Well, you have no idea of knowing, from overseas with limited information available to you, reasons that may be very obvious (or not) to the parties involved. The cheapest one might be an inheritance that they owe nothing on and simply want to move to settle the estate. It could have been foreclosed upon. It could have something going in next door that is going to limit the possible uses and thus makes it less valuable.
You're starting out with the assumption that it's the lots that aren't low priced that are the ones that have something "different" about them. It could very well be the one that's low priced.
finally someone who understands my reasoning. now if i don't ask people, how else will i find out. if i was a serious seller, i'd make sure i knew what other sellers were asking and i'd make sure i knew what i was up against!
I would just explain it as well as I could to them, whether they think it is a good rationale or not is up to them.
exactly!
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