Thursday, October 16, 2008

Don't Value Properties Based on Actives!

Quick story.

I had a listing that I owned personally. I wanted to dump it.

It sat for 90 days and 3 people saw it.

But then the unit 3 floors above listed for $40k more. The exact unit. Dunno what they were thinking, but thank goodness.

Mine looked like a bargain... I got an offer for $50k under list from an eager buyer that called all my agents to find me. I called his bluff, countered full price... he bought it.

Moral: Don't use actives to value a home. Just because you like a place that is $50k under the neighbors place, doesn't mean that both aren't $100k and $50k overpriced.