- November 25, 2015 12:04 pm at 12:04 pm #1104114
What I’ve seen more often is that the seller prices a house too high (often against the agent’s advice) resulting in a negative perception by buyers and agents.
But agents’ advice is compromised by their own interest and can’t be trusted, as explained above. I used nice round numbers in my post to make the math easy.
When I’m selling my home, I want it to go for the higher price. Who cares about a quick sale? I can pay a couple extra mortgage payments if it means I sell for $10k, $20k, $30k more.
And nothing you say explains away the fact that when real estate agents sell their own homes, they are on the market longer and go for higher prices than the homes of their clients.November 25, 2015 11:10 pm at 11:10 pm #1104154
Another possibility if interest rates start inching upwards: it could cause an initial rush to the market before they get too high.November 26, 2015 10:56 am at 10:56 am #1104164
With the internet figuring out your area comps is pretty easy. This is something everyone should do before investing major monies in upgrading your home (unless you just want to make it nice for yourself). People get really emotional and stupid over real estate. It’s only worth what someone will pay for it. Period.
I’m not a realtor but I am somewhat involved in real estate and am very aware of my area’s comps, sales and rental prices. I’ve seen several families lose houses because they insist that grandma’s home has to be worth x so that’s what it goes on the market for. No one buys it and soon the mortgage payments and/or taxes add up and the house gets foreclosed.
If you are really unhappy with the current comps for your area you could rent it in the mean time while gambling that the neighborhood will improve. But that’s a whole other conversation.November 26, 2015 11:32 am at 11:32 am #1104168
This might be simplistic, but the “curb appeal” of this neighborhood drew me here, and I intend to add to that. Apparently this house was in rather neglected condition, so having some nice gardens etc. should help to boost the neighborhood.
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