Over priced listings. They are freakin’ everywhere! I could cite you a dozen (or more) examples right off the top of my head, but here’s my favorite….
We have a buyer who looked at a $599,000 home. It was a very nice home, never lived in. Great subdivision.
We comp’ed it at $540K, tops. Offered $530K and the seller countered at $545K, IF we’ll waive the appraisal contingency.
So they just admitted they don’t think it will appraise for $545,000. But they listed it for $599,000???? What’s up with that?
Pure unadulterated greed, that’s what’s up. Or a clueless agent, or hopes for clueless buyers. Whatever the case (and it’s probably a combination of all those things) these over priced listings are out there and are screaming “BE CAREFUL!” to all the buyers. Please don’t just assume a home you’re interested in is priced correctly. Many are not.
Likewise, don’t assume everything is over priced either. Many are not.
Bottom line, have your agent run comp’s before you submit any offer. If your agent won’t do that, do not walk away, RUN!!