Back In the Day

The MLS listing sheet had an interesting comment:  "Largest home in neighborhood of homes that sold for $500,000."  Is this a marketing ploy, or is this listing agent still living "back in the day"?  My buyer client had an interest in the home so we did a search for comparable sales in the last 18 months in that specific St. Paul suburban neighborhood.  The highest sale price in the last 18 months occurred over a year ago and the sale price was $334,000.00 with $10,000 in seller paid closing costs!  That price minus the seller concessions netted the seller a purchase price of $324,000! 

Obviously, the value the listing agent was referring to was from "back in the day" when sellers and builders could ask any price they wanted for their home and the buyers were willing to pay.  That real estate market is long gone and it doesn't help to market this St. Paul listing by mentioning ancient history.  Yesterday's half a million dollar home is listed today at $350,000.  That's quite a hit for the seller and lender and quite a deal for the buyer . . . if they can afford to heat this beautiful mansion.

Comments

[Susan Hilton - Texas Aggie Realtor]

"Back in the day" -
We've seen a slow steady increase in home prices in College Station, Texas so we are "living in the day".

http://www.thecenturytreereader.com

[Bonnie Erickson]

Susan, I haven't done the stats and our MLS doesn't provide them, but there's a distinct difference in pricing between the short sale market and the homes being sold by traditional sellers who are not forced to sell.