Today my suspicions that there are still some really strange Realtors left out there, roaming the streets seeking to over price houses to get a listing. A broker friend and I were brain storming last night and he asked my advice on a house that he was pursuing for one of his buyers.
My broker friend engages the listing agent to ask a few questions about how her and the seller came to the listed price. He tells the broker that he has pulled all the sold comps in the area and that he could find any comps in the area that sold for what they are listing for based on the listing in questions square footage. To top it off the few houses in the neighborhood that did sell for a little bit higher were 500 plus more square feel larger. The house in question is around 2400 square feet.
The buyer's agent starts digging a bit deeper to see what justifies a price around $25,000.00 more than like listings in the area and more expensive than homes with a lot more square footage. When he asks the question again, "What is it about this house, that justifies such a steep increase in the listing price?" the listing agent tells him that it is because the house has "crown molding".
Don't get me wrong, I like a nice house and I have heard of sellers and agents justifying price by adding new cabinets, solid surface counter tops, wood floors, new paint to come to a total of 25 thousand dollars. But just crown molding? Yeah, that is probably not going to fly in the eyes of the appraiser.
Do you have a good story about a over priced house with a silly justification? Mabye the seller replaced all of the wall plates for the electrical outlets in the house and tacked on 5 thousand dollars for good measure.