List price $199,991 Calgary, Alberta
As you can imagine, my phone rang today about this listing, as I am sure many other REALTORS had the same thing happen. This listing comes through today, and I get a few calls... Tania, Tania, this house looks perfect and its only 199k. My thought are "Here we go again" As I begin to explain what is probably going on here.
This is what the mls says:
This is a great family home that exudes pride of ownership...and several recent significant upgrades! Plan to view this property this Saturday September 18th or Sunday September 19th!...and discover for yourself what all the fuss is about! All kitchens are not created equally...case in point this new Legacy maple kitchen with stainless steel appliance package, quartz countertops, massive island & skylight is light years ahead of most in the area! Add in stylishly updated bathrooms, a new 31'x12' south exposed deck, some new doors and windows..and you've just found a WINNER! Now Top that all off with spacious closets, ample storage, beautiful mature landscaping & room for your 'dream garage', all on a quiet, pride filled street, which is within easy walking distance to a recreation/aquatic centre, numerous schools, shopping & public transportation..and you've just found a MARVELOUS PLACE TO CALL HOME!
Sounds perfect, doesn't it?
Here's some inside information, just a few days ago it was listed at 429k. Oh, and before they reduced the price to that it was 449k, and 454k before that. So within a month, they have gone from 454k down to 199k, What do you think? One more thing, they bought it in 2006 for 355k. Do you really think they are going to sell it for 199k?
So my buyers started to panic, cause this just can't be right, can it. And he called up the listing realtor, saying "I have a realtor, but I need to know, is this the really the price?" The realtor responded with a comment that went something like this: you are crazy if you think you are going to get this house for 199k, or 299k even 399k. This just isn't going to happen! Ah, just what I thought.
We are seeing a few of these way below market value listings coming up again. They price them so low, that it seems to good to be true, bringing the buyers out of the woodwork, and creating competing offers.
This is great for seller if it works, but what if all the offers are too low? Well, the seller doesn't have to sell it. But there could be other issues on the table at the point.
Something for buyers to be aware of, and know what else is coming and how to handle it.
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