I've been helping a buyer client look in the half million dollar range in North Raleigh. We've viewed several custom homes off Creedmoor Rd and Norwood Rds. There are a TON of properties to choose from but nothing that screams deal.
Well, my buyer called a few days ago and found a really neat home around Wildwood Golf Course that they wanted to see. We checked it out. Unique, yes. Good condition, yes. Geat upgrades, yes. Nice lot size, totally...it was over an acre.
The sellers had upgraded the kitchen above an beyond what I would have ever suggested, but it was done and my buyer liked it.
We decided to pursue an offer. I ran comps in and around the Creedmoor Road area of Raleigh. I searched high and low and this home just doesn't validate the asking price. I made a quick call to the listing agent and the response was a little scary. "It's unique, there are no comps." UHHHH, not a solid answer in a shaky market!
My next step was calling on an appriaser friend to swing by and take a look. She also agreed after a viewing that it was 100k over priced.
Sooo...here we sit. Letter of intent on the table and a seller who has to come to the realization that the market has changed and value is more important to buyers than ever before!
Unique doesn't cut it!
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