This is just getting old, and if it weren't so sad you would have to laugh.
Prices of rentals and sales are coming on the market for the most ridiculous prices. There is absolutely no sane reason for some some of the numbers. Heaven help us if there is no direct comp, because that's when
you really wonder what the agent and/or seller are smoking.
I know inventory is low here, but come on guys, buyers are really not that uneducated that they are going to just throw their money away. The well priced homes will be the ones flying off the shelf and the rest are going to just sit there collecting cobwebs.
This is the same for rentals also, and may even be worse. Comps really don't matter as much for rentals and with the shortage we have now, landlords are taking advantage.
Can someone explain the strategy of pricing something at $5,000 more per month than an equally nice unit 300 sq. ft. larger and 10 floors higher that was canceled after sitting on the market for over 250 days?
And let's list a home $350K higher than another house on the same side of the same block which has sat on the market for almost five months. That may be 800 sq. ft. smaller but it is in way better condition. And, hello, that one is not selling. Dropping it down two weeks later so that it is still $150K more than the other home is not going to do it. Now you are on the market for over one month in an extremely low inventory area. Tell you something?
There ought to be a law!
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