Cary NC Real Estate Adventures: We'll go around the world to get the comps we want!

We popped into the townhome, and my client said she could be interested in it, although it needs heavy redecoration.

But it was priced about 11% high, well above anything that has ever sold in this Cary, NC, complex.

Calculating values in townhome complexes is not too hard when only a few models and elevations comprise the community.  There just isn't a lot of variation.  And this complex is a typical example.

So, I call the Listing Agent, and I ask about the List price vs. comps.

Her, "Yeah, we couldn't find what we wanted in XYZ, so we went down the street to ABC and that's how we found the value."

Me, silently, "????????????????!"  Thinking, "Gee, so now we can go 'comp shopping'  Why not just go up the street to the golf course for comps and set the value at $500,000?"

I mean, they both have roofs, plumbing, front doors.  Why isn't a $140,000 town home equal to any $500,000 home?

My client demurred.  Why needlessly wrangle with negotiations on an obviously over-priced property? 

The unit finally sold at a reasonable price.  But, it could have sold more quickly with that reasonable price in evidence at time of listing.

Proper pricing sells homes in a sellers' or buyers' market.  In Cary, North Carolina, or anywhere else.