Property in Sea Colony Report
Jupiter Report January 21, 2011
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This week we had 34 homes close, down from last weeks 62 homes. As you can see the sales follow the actual contract by a month or so. These properties were put under contract early December and are closing now. The next two week’s should be lower then the average 50 or so homes.
I want to talk about short sales a bit today and show you a property in Sea Colony that I had quite a few calls on. The broker listed it for $230,000. There hasn’t been a sale in there under $300,000 for years. Of course they received multiply offers and accepted a $230,000 offer. The bank came back and agreed to a $290,000 sales price, very close to recent comps in the community. It was less then the recent sales but they were not giving away the home by any means.
I get customers asking why did it sell for more then the asking price? The asking price was put in the mls by the selling agent who priced it way below market for what reason I don’t know.
It causes two problems, one the buyer who is looking at spending $230,000 is not expecting to pay $290,000 so you may lose that buyer and secondly you are giving a false hope to a buyer who thinks they will be buying that property at $230,000.
Not very fair or right to the buyer in any case.
Take a look at the property below:
I work with many buyers and what I am seeing is people not being properly educated on the market here. Not just my buyers but most buyers in general are not being educated.
Sure there are alot of overpriced homes for sale. I have two in my neighborhood that are both $100,000 above what they should sell for. The sellers don’t seem to care. One has been on the market for a year. Not a motivated seller. There are quite a few of them out there.
I don’t pay attention to the asking prices at all. It doesn’t matter what it is except for when I see an usual high asking price I see a non motivated seller or a seller in denial.
The buyer on the other hand has similar expectations and is not looking at the recent sales and is thinking the sellers are desperate and I see many ridiculous offers. One you PO the seller with a ridiculous offer and it makes it that much harder to agree on a sales price as the buyer thinks you are just a bottom feeder.
Before making an offer, ask, has there been any offers before.
Do you home work and remember there aren’t many great properties coming to market. The very best ones move quickly and if a seller has a unique property don’t expect to steal it as hew probably already had numerous other low offers.
