“One house may have no upgrades and minimal yard improvements, and the other has 200K in interior upgrades and pool/landscaping/hardscaping.”
The daily updates I get include multiple pictures, listings of upgrades, etc. It’s possible that there are things that are of value that aren’t listed (which would be the selling agent’s fault), but usually the information is pretty complete. Plus, some of the houses that have sold for peak prices are ones I’ve visited during open houses. If you’re as familiar as I am with a certain area, and you’re getting pretty complete information, it’s pretty easy to tell when somebody overpaid, especially if they overpaid by a bunch. And, like PS said, it seems right now to be a two-tier arrangement. Either they’re getting peak prices, or they’re getting today’s prices. Which must be real frustrating for the sellers who get today’s prices and the buyers who pay peak prices (and then get informed of such by their neighbors).
I wonder, as prices continue to fall (assuming they do), how this situation will play out. Will some sellers continue to get prices that were current months before they sold? For how long will some continue to get peak prices? Will some start to panic sell for less than current prices for fear of having to sell for even less later?
