This is pretty much an unnecessary post but illustrates something which the untrained buyer sometimes falls for… Sometimes people get really excited when they see substantial price reductions and large differences from list price to sales price. They think wow what a deal. More often then not these days the issue is that the home was not priced well to begin with…
Here is a quickie example. A recent listing in Scripps on Lake Grove went pending. It is mls 071055395, a 4/2.5 home 2060 sf that is pending at 600-620k list price. When it went on the MLS 120 days ago it started at 750k. Meanwhile a home on Loire recently sold at 600k. It is a 3/2 2015 sf home and was listed at 640k and sat on the market all of 18 days. The home on Loire is on a very quiet street, the home on Lake Grove is quiet but it backs up to Avenida Magnifica which is not a quiet street at all at the area where Lake Grove backs to it.
One would think that the Lake Grove house is a great deal because it has been slashed from 750k when in reality it was a joke that it was priced anywhere near that price.