Frustration Fee

It’s amazing how resilient the local market has been, and how willing buyers are to paying over the list price.

I don’t have any evidence to suggest that the transparency has improved (most listing agents refuse to say anything about existing offers, if any) and usually there aren’t any recent sales to indicate that today’s listings are underpriced.

Yet in late-2023, buyers were still willing to pay substantially above list! Here are a few examples:

Frenzy Cruise 11

The buyer-agent is under seige, and is being phased out. I love representing buyers and I think I have a lot to offer. But when I consistently get my butt kicked up and down the street by every listing agent I encounter, it just makes me want to go get another listing. P.S. the house on Lone Jack sold for $555,000 over list.

Frenzy Cruise 8

There probably aren’t many people today who expect to see any frenzy left in the marketplace. But here’s a view from the street, looking at actual sales closed over the last 30 days.

At 22 minutes, this turned into a full-length feature film (sorry), but consider it an audio track about the current market conditions, with video evidence to support it.

100% Sold In Ten Days or Less

Here is a good sampling of the NSDCC pricing decisions made in May (mortgage rates started going up the first of April). The days-on-market are on the left.

Days on Market: All 28 found their buyer quickly – only one took as long as ten days!

Paid Over List: 21 of 28 paid over the list price (75%).

Of the 21 who paid over the list price, the average amount paid over list was $185,761. Literally 11 out of 21 paid at least $200,000 over list – and these 28 sales are the mid-range group!

Best Discount: -$70,000.

Here are some of the big winners:

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