And 10 hours Later... We're Under Contract! Yes! This is a BOOM!

So there you go. Yesterday we just announced our open house on the listing we took up this week and added to the MLS two days ago, and boom! It's sold. One prospective buyer was telling us how he thinks the home is over priced at $135,000. And I merely responded, "If you think it is over priced for you, then it is over priced for you." Two hours later the house went under contract at $137,000.

Yes, I realize that homes have sold for much less in the last year. But that's why we don't look at the last year or even 6 months worth of comparisons. We look at the last 30 days. And in the last 30 days, the same floor plan home with a pool sold for $164,000. Now that home did not have some top of the line negative edge flowing water fall pool either. It was a simple pebble tec pool, nice, but simple and it sold for $29,000 more than what we just priced our home at. So based on this logic, we were not ridiculous in our pricing. Sure there were some short sales that sold for $20,000 less than ours in the last 6 months, but appraisers are now avoiding those dinosaurs of the past if they can. You see, there is a penalty to the seller if they are trying to the sell their home short, and there is a discounted recognized sacrifice for the buyer who is willing to stick in it for the long haul (average short sale escrow is still around 4 months). Thus, there exists a pricing disparity disconnect between the short and normal sales and this henceforth gives the justification for our pricing at $135,000.

Sold! At $137,000, which only means the prices are creeping up and for those naysayers out there who refuse to believe this truth, they will be left out in the cold by stubbornly clinging to a false hope that the prices are going to fall. Maybe if there is another crash? Well, we still haven't even come near the pricing of the 2006 bubble when jobs and the economy were in much better shape than we are now, yet our real estate market in this current boom here in the valley continues to grow.

 

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