If the Comparable Sales are so Crummy, Why Did They Sell (& You Didn't)?

My local market has the same issue, 2 homes are seldom alike.  As such, it's important to consider how similar they are as much as possible without throwing out a comp altogether.  If they're both older homes, in need of work (no matter what kind), then they're good comps.  As long as it's a match for age, size, location, lot size, and overall condition, it'll work.

Hi J. Philip - Thanks for another useful post. The takeaway for me is right there in your title - an approach I'll certainly use in the future when I face this line of reasoning - maybe a bit more gently stated, but maybe not. A good argument to use in a tight place.

What a great way to put it in perspective.  You can't quite call the houses that sold before you dumps if a Buyer chose them over you.

Featured in the group:  Bartender, Make it a Double.

Very gracious, J.P.  People do have their bias toward their own homes.  I certainly don't blame them, but at some point, reality must set in.   Sounds like it did.  Congrats on the sale!!

but phil, we have 3 coats of benjamin moore paint, a bump out in the kitchen and carpeted stairs. ņo one really cares about a larger yard and mature trees. we'll wait for the buyer who appreciates what we have.

you won your ofer....i just lost mine on a listing didn't get in march. they really believe in the value of that bumpout.

J. Phillip:

You and the listing agent saw past the emotion and logically helped your respective clients come to a meeting of the minds.  As to comparables, I live in an area where most homes are not alike, similar, but not alike.  One must make accommodations, and your comparisons seem reasonable to me.

J. Philip,  Very well said.  Just as sellers are partial their home, buyers are just as partial to the home that would meet THIER needs.

J. Philip, what a great post! Thank you for reminding us that we need to stay in a state of curiosity and stay out a state judgement!

Thanks for the reminder to keep emotions out of it. It does seem to be the trend lately. 

You make a good point. But Sellers will always be emotional and biased about their home. Agents should have cooler heads about these situations. 

It is business after all . great job of not bringing emotions into it.

Timely and valid points - and you are so correct-

You're spot on.  Mini dramas seem to be the norm these days unfortunatly.  I don't understand how agents let their emotions run so unchecked :-(

Suspending bias - what a novel idea! I'm glad you and your friend were able to make this one come together.

J Philip, 

Great blog post I missed until Chris Ann re-blogged.  Well said.  The comparables do count.  

Love that you were able to SELL the home even though you didn't get the listing.  Folks will go with higher price almost every time.

All the best, Michelle 

Blowing up negotiations gives agents a reputation of being too hard to deal with. It could be the difference next time between having your offer considered or not.

Dear J Philip -
I love that you got half the commission at the price point you predicted!
Calm and cool and WIN/WIN as a goal - the best approach.
Have a happy day -
Lynn

You were definitely familiar with this property and it's market value.. How interesting that your buyer ended up with a contract to purchase one that you had interviewed for the listing on.