It happens because there are still buyers out there. I feel your pain radelow. My lowball offers have been stomped on but it is what it is.
Things to note. That sale you pointed out was listed by a Prudential agent and the buyer was also represented by a different Prudential agent. Also it is not uncommon for credits to be given back for closing costs. I want the market to go down as well for my own selfish affordability. What is interesting about Piggington is that some people work very hard to find listings that “appear” to them to be fraudulent, or point out huge losses for sellers, or to identify flippers…etc…They like to use these individual cases to make a broad generalization that the market is dead now, that nothing is selling, and that this will lead to a broad based economic slump of our entire country. Now, sometimes there are individual cases that appear to be fraud and lots of cases of prices reverting back to 03, 04, or 05 pricing… However alot of times sdrealtor, or myself or other people find out the facts only to reveal that no, there was not anything fraudulent, the sale was on the up and up and the home did sell properly.
What you see is NOT an exception for certain areas. Now you or I wouldn’t pay a price like that for a home that small but someone did. We have no ideas if there were credits involved nor do we know the details of the transaction. We also don’t know if the realtor gave a credit back to the buyer although I would guess not because it was Prudential although you never know.
The depreciation cycle is not a overnight sensation. It will happen slowly in some spots, fast in others, and REAL slow in others. Hang in there radelow. Keep lowballing, get a good credit back…be patient.
