I’m in a different geographic part of the market, but a somewhat similar boat. Some odd things have happened on our last offers:
House is listed at $550k. Asking price drops two days later to $500k. I offer $535k and am told the competitive offers are coming in over $570k. I understand you want broad exposure to get the best price for your client, but, in this market, there is no need to invite the people in the $450-500k range to what turns out to be a “high fives” party. I feel bad for those people, what a waste of their time and their hopes! For me, I just didn’t want to spend that money in that area.
I did offer offer more than $570k in another neighborhood, just shy of asking, and lost. It appears that house is going to sell for at least as much — or more — than an objectively better house sold for on the same street six weeks earlier. The other house was bigger, had a better lay out, had more bedrooms, and was “north of Adams” on a better lot with with no apartment complex behind it.
Comps are irrelevant in my neighborhoods right now. And though there are some cute and affordable places about 5-10 miles east, I already commute 45+ minutes each way and can’t justify more.
Interestingly, the SFR places that stay on the market near me tend to be flips. The improvements are all cosmetic, so the buyer doesn’t get to pick out the finishes. The listing price is so high you couldn’t afford to change any of it, and you still have to worry about crappy original plumbing and electrical, or crappy new plumbing and electrical.
