Everyone of my clients and people I come across have the same mentality when it comes to looking at Real Estate, what is the listing price. In this market of craziness, it means nothing. The only thing that matters is the last sold on the market, and the current listing prices on the market. Even the last comparable prices are obsolete once it sells. If the market is scarce, and there is a new house up for sale, the prices have already gone up.
I know its hard to think of listing price differently than buying a pair of shoes but it is. When you buy a pair of shoes, you don’t have people bidding on the shoes. You have to kind of think of buying a house in this market as an auction. The put a suggested low price, and they are off to see how high it can go. If the item or house is interesting and worthy, the prices soar, and if not, they stay close to the list price.
The next thing that needs to be taken into account is the it sold over asking none sense. If the agent priced the house correctly and then it went over asking, that is something to be impressed by, but, under pricing a listing by 100k and then selling for 105k over asking is just dumb in my books. Then to advertise that as well, like it means something, is even worse. It almost like your saying to people, you are dumb, and here are my dumb facts, hire me.
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