For those who haven’t participated in today’s market conditions, this will give you a taste. First you got out and look at the houses that has been picked over by everyone else, and determined to be way overpriced.
Then you track the new listings, and rush over to them the first day or two on the market.
The “quality buys” get action immediately – in fact, if there isn’t other interest, you might want to ask yourself why. This listed Thursday (but they were trying to get $1,000,000+ last summer):
Wow killer. How much was it listed for? That house could be so killer.
$880,000.
An interesting example of pricing vs. timing too.
They first listed in June, on the stinking range $1.0 to $1.15.
By mid-July, buyer exhaustion was already seeping into all markets. The creampuffs were being snapped up, and the inventory of good buys had been thinning quickly.
They changed the price on July 13th to $998,500, which had no impact because it had been on the market 45 days and with the bottom of the range being $1.0, buyers were already thinking well below that.
No action, so they lowered the price all the way down to $985,000 in October, but by then they were cooked. They cancelled in November, and probably blamed the awful market conditions. But they really didn’t change their price, instead their pricing strategy (if you want to call it that) backfired on them.
It doesn’t matter now because it is a short-sale, but a lesson for those sellers with equity. Banks should outlaw range pricing though, it probably cost them 5-6 figures on this one.
I like the bones of the house a lot. The right person could get it into Atomic Ranch Magazine. The roofline and the peek-a-boo thing in the living room are superb.
The ceilings, windows, and view are spectacular. Wouldn’t take much to make that a killer house. One of my favorites that you’ve shown.
The problem with that house is its location. It’s located only about 1/4 mile from the 2007 landslide site.
Sellers will never learn. I suppose it’s similar to another listing I just saw.
It’s in my target neighborhood, and the exact model I want. Last year, 3 sold in the low 7’s. One sold with a double lot and had been completely rehabbed to the studs with 4 new bathrooms, new kitchen (walls moved), new pool, fully permitted at 925K.
Jackhole puts his dump needing a full remodel on the market for 985k.
Of course, they’d need 850 to clear the loans and fees. They won’t consider a short until its too late or the market is worse. They bought for 200K and loans now stand at ~790K. OC is the king of equity vampires and delusional sellers.
Everything will sell at the right price.
Chuck