Quote:
Originally Posted by Cowboy89
Was the ask price realistic though? Ie, did it look like a deal at the list price and have wording in the listing such as (reviewing offers at XPM on X Day), etc.
I'm noticing that given the low inventory and strong demand that realtors are pricing good properties below intrinsic value to try to kick off bidding wars to drive offers that are free of conditions. On the surface it might look like people are paying $100,000 premiums but in reality it's something closer to (But still at a modest premium) what it would go for if priced more traditionally.
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It was listed a bit low. It was a 1750 square foot house in the SE. listed at 500, sold for 600. We thought 550 was the market price, but that got blown away. The house was also 20 years old and had no updates done. It was really well lived in, to put it nicely. When we looked at it we thought there would be damn near a hundred thousand bucks of renos needed.
Today we are seeing 1300 square foot houses listed almost at 500.