patientlywaiting makes an interesting point about the short sales listing prices – I will use the $297K short sale in 92116 (another active thread) as an example
if I were a buyer shopping in that zip code I might now think that SFRs north of Adams are worth $300K (reality is probably at least $150K higher right now for a decent SFR)
back in the hot days of the market I would have certainly considered the $297K listing as a legitimate comp (or at least a significant data point to consider) but now it needs to be thrown out
makes the realtor’s job even harder having to explain to an inexperienced buyer that the $297K isn’t a realistic comp – the confused mind says “No” so this short sale pricing strategy could be harming the market by creating confusion in buyer’s minds
