[quote=evolusd][quote=sdrealtor]And there’s a pretty simple reason why. All the prior sales were listed lower and bid up under frenzy conditions. When those houses sold at those price levels there was one buyer willing to pay that and the buyer behind them could’ve been far less. So what do the new sellers do? They take the highest price and add 5 to 10% to it. With peak selling season past and frenzy conditions gone they sit. This is a pricing issue that’s fairly easy to fix[/quote]
Looks like in his ‘hood Treviso, current listings are at high mark of recent sales, not 5-10% higher. One of the listings just sold in May and is now back on the market at same price, very strange. Given rates, achieving those same prices today seems unrealistic.
Definitely a nice little neighborhood, but those prices are insane given HOA and tax rate, IMO.[/quote]
Guess I should have been more clear. The homes today should be listed at what the homes that recently sold were listed at (adjusted for differences) not the 5 to 10% over asking price those houses went for.
For example there is one listed at $1.485M. The last sale of that model was listed at $1.425 and sold for $1.51M in the frenzy. This new one is not nearly as nice with basic landscaping not the $100K + the one that went for $1.51M went for had in landscape and upgrades. This one should be listed no higher than $1.35M IMO (the 1.425 – 75K for landscape and upgrades if not more). If there are multiple buyers and the market is higher than that it will get bid up. But listing that one at $1.485M (started at 1.499) is about 10% too high on the asking price
The one that is back on the market listed at 1.44M and sold during frenzy at 1.67M because one buyer was willing to pay that. Realistically should be back on the market at 1.44 and let the market sort it out but of course that one buyer wants/expects/hopes to get their money back
