This evening I was reviewing listings that came on over the holiday weekend, looking for a house for one of our Buyers and there it was:
4 BEDROOMS - CHECK
BUILT AFTER 2000 - CHECK!
BIG YARD - CHECK!
POOL - CHECK!
BACKS TO A GREENBELT - CHECK
GRANITE COUNTER TOPS - CHECK
and the price was in the range DOUBLE-CHECK!!!
It's important to double-check as pricing by Seller has become less in line with the market on homes recently. I start searching the comparable sales and there they are: 2 pending sales, same square footage, smaller lot, but no pool. Sure enough, they point to the new listing as being over=priced. A quick check of the listing history shows that the home sold back in 2007 for slightly less the current list price. It appears that they may have over-paid for it back then. UGH!
I do feel for Sellers whose property values are not the same as they were 3 years ago, but that's real estate. I wonder how much flexibility the Sellers have to accept a price more in line with the market?
Even for a dream home, the appraisal value matters.
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