The critical point in this video is when the second seller dropped 7% to make the sale after just three weeks on the market……even though that was 10% under the last sale that backed to power lines.
This is what can happen. Did they have bills to pay? Did the agent press them to take it? We don’t know, yet we consider every comparable sale equally and base our opinions on price alone.
The seller of the $2,225,000 sale had purchased it in 2013 for $1,109,000 and his mortgage amount was under $300,000. What’s a hundred thousand in either direction to him?
The previous high sale of this model was $2,100,000 in December, 2021.
The high sale before that was $1,750,000 in 2020.
The high sale before that was $1,320,000 in 2019.
Are we binary simpletons? Will the next seller and listing agent consider all of these variables? Or just go with $2,200,000 as the latest sale/current value and hope for the best? Or check the zestimate?? 😆
The next sale could go 10% to 20% in either direction, depending on the agent.
This is the house that received THIRTY offers last month.
My thoughts:
The supply of houses priced under $700,000 is scarce, with overwhelming demand.
This is all you’re going to get from now on, and it won’t get better. I feel sorry for the kids.
My buyers offered $700,000 with 20% down and didn’t get a counter.
The listing agent didn’t round-trip it and the winner paid $730,000 and financed the purchase. How do you know if others would have made a better offer if you don’t include them?
You might think that the frenzy conditions are starting to percolate again after watching this video! There were 13 offers submitted, and the winner had agreed to pay $1,410,000. But once they found that it needed a roof and other stuff, they agreed to a $40,000 reduction in price.
Plus it features the first time I have fallen down while filming!
New post (San Diego Case-Shiller Index, Jan) has been published on http://bubbleinfo.com - https://www.bubbleinfo.com/2023/03/28/san-diego-case-shiller-index-jan-4/
SDSU assistant Chris Acker just made us aware on @JonAndJim that over 50 former Aztecs that played for Steve Fisher and Brian Dutcher will be at the Final Four on Saturday. What an incredible bond.
Because few people service a mortgage for all 30 years (they get divorced, refinance, move or die), mortgage rates are compared to the 10-Year Treasury Note.
While Treasury yields have fallen, mortgage rates are stuck in the mid-6% area.
