The price the house sold for before the flippers sucked up the inventory is the “fair market value” as far as I’m concerned. Putting in $20K worth of “improvements” and asking for $150K more than the purchase price a few months before is highly offensive to intelligent buyers who are perfectly capable of making their own improvements (that will be of the style and quality desired by the real buyer).
How these things ever appraise is beyond me. We’re right back to all the games that caused the “crisis” in the first place.[/quote]
I agree. One on of the places I made an offer (not in North Park) the house sold for 175K in August. Goes on the market in December for 295 – 315K. The listing was just started at the 295 to entice buyers who enter 300K as their search ceiling, as they had no intention on selling for that. Now the house was nice mind you, very well done, large corner lot, no house behind, etc. It was still by far the highest priced house in the neighborhood, by about 30K. I came in at 285 plus seller pay CC. They countered at 315. I was going to counter at 275, but decided to not waste any more of my time.
Point of my story, even with 50K in upgrades this seller is looking for nearly 100K for 4 months work. Plus out pricing the neighborhood. Comps were going for 215-265K Good for them if they can get it. But they’re not getting it from me.
Maybe I shouldn’t take things so personal but when they try sales tactics like that (lower listing than what they are willing to accept) it makes me run.
