Did You Think We Wouldn't Keep An Eye On The Comp?

By
Real Estate Agent with Integrity Real Estate Group

Did You Think They Weren't Going to Watch The Comp?Has an agent ever told you, oh but the listing down the street is going for "full price with no concessions" when you can't reach an agreement on an offer? It happened recently to one of my buyers and of course the home was bookmarked to watch for the closing to be posted.

Today the home showed up as sold in the MLS.  The comp didn't sell for "full price with no concessions" it actually sold for $5,000 less than list price with almost 3% in seller concessions.  The house my client made their offer on is the exact same model with almost identical upgrades (the comp has a few more) on the same street.  I don't think you can make it much easier to figure out your offer price.

My clients offer was actually higher than what the comp sold for so in some ways they are breathing a sigh of relief.  However at the same time they thought for a few minutes about sending the listing agent an email entitled Liar Liar Pants on Fire.  Now 30 plus days on the market we wonder if the seller of the house they made an offer on might be a bit more willing to rethink the offer they had in hand.

NAH my clients are over it.

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                                   Real People*Real Lives*Real Estate

If you are interested in learning more about the Northern Virginia Real Estate market including Alexandria, Arlington, Fairfax and Prince William Counties give Cindy Jones and Integrity Real Estate Group a call at 703-346-2213.

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Re-Blogged 1 time:

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  1. Hannah Williams 04/28/2011 02:23 PM
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Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
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Jeanne-I suspect that is the issue here as well.  At the time the house had only been on the market just a week.  Now it's 30+ days and they are still active.

Apr 27, 2011 12:32 AM #21
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Cindy Jones
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Sharon-I don't understand the rationale behind faking the comp but do understand trying to get the best deal possible for your seller.

Apr 27, 2011 12:34 AM #22
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Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
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Sandi-if you are going to tell a tall tale you at least need to make sure no one will have access to a different ending to the story.

Apr 27, 2011 12:35 AM #23
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Cindy Jones
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Sharon-neighbors don't always want their neighbors to know what is happening with their sale and so might simply say "I got what I wanted" and it is interpreted as full price.

Apr 27, 2011 12:36 AM #24
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Cindy Jones
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Debe-About now they may be looking in the rearview mirror and wondering why they could be close to closing and not still active on the market.

Apr 27, 2011 12:37 AM #25
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Cindy Jones
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Ellen-they are a little frustrated by owners who don't use the comps to set their sales price but we will move forward.

Apr 27, 2011 12:38 AM #26
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Cindy Jones
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Kristen-I have confidence they will find the right house.

Apr 27, 2011 12:39 AM #27
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Cindy Jones
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Barbara-every month a house stays on the market is opportunity lost for the seller.

Apr 27, 2011 12:40 AM #28
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Cindy Jones
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Bliz-we countered twice and still couldn't come to an agreement.  Still would have been higher than the comp.

Apr 27, 2011 12:41 AM #29
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Cindy Jones
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Jackie-I have an issue when I lose a deal to a double agent but the bottom line is it usually means the commission has been reduced to make the first offer better.

Apr 27, 2011 12:42 AM #30
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Cindy Jones
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Rob-I always bookmark listings that my clients don't get or are interested in.  Interesting to watch the trends.

Apr 27, 2011 12:44 AM #31
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Cindy Jones
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Connie-absolutely the neighbors aren't always straight up about their home sale.

Apr 27, 2011 12:45 AM #32
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Cindy Jones
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Ed-one time I watched a house sit on the market for 9 more months before it sold (vacant) for less than my clients offered.  It also happened to a property I made an offer to buy myself and it took them a year to sell after my offer.

Apr 27, 2011 12:46 AM #33
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Chris Ann-in this case the agent would likely have known the exact sales price of the other home since they were listed by the same team.  So it makes the tall tale even more suspcious.

Apr 27, 2011 12:47 AM #34
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Pat-funny it just doesn't pay to mess with another agent :-)

Apr 27, 2011 12:48 AM #35
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Cindy Jones
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Kay-they have and I'm sure we will find the right house with the right sellers soon.

Apr 27, 2011 12:48 AM #36
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Ellie McIntire
Ellicott City Clarksville Howard County Maryland Real Estate - Ellicott City, MD
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That was bold of the listing agent. I bet she is wiping the egg off of her face.

Apr 27, 2011 01:18 AM #37
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The Scott Loper Team Bux-Mont Premier Properties
Keller Williams Real Estate - Montgomeryville - Lansdale, PA

Hi Cindy,

This business seems to breed exaggerations, fabrications and tall tales.  Good for you to hold your ground and follow through by checking the facts when they became available.

Lisa

Apr 27, 2011 01:36 AM #38
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Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
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Ellie-they may be to busy to even notice the comp.  Probably not.

Apr 28, 2011 10:26 AM #39
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Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
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Lisa-we have all seen some strange occurances in the recent real estate market.  Hopefully a new balance will emerge soon.

Apr 28, 2011 10:29 AM #40
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