2 ms·
A lot of people were jumping in with their rundown old houses asking rediculous (lose your ass) prices and I'm seeing them all revise as of late. This was seen
by datavirtue 5y ago
A lot of people were jumping in with their rundown old houses asking rediculous (lose your ass) prices and I'm seeing them all revise as of late. This was seen mostly in rural areas--Im looking for a farm.
I saw quite a few houses that sold a few years prior for much lower prices. The disparity in estimated values and previous sales versus the list price was astronomical in most cases. The banks will happily give you a loan for whatever price so there is no check on the runaway prices except for your own personal knowledge of the historical market demand in an area.
- coffeecat 5y agoI'm not sure I follow your logic; if you're concerned with buying a house now, then prices from years ago are irrelevant. You can speculate that prices have risen too quickly and that they'll revert back to their earlier level, but that's ultimately just speculation. Comparable sale prices from the past few months are the thing to look at, to determine an offer that's likely to be accepted. One thing to keep in mind about list prices: if the sellers do a good job of estimating the current market price, then the house will sell quickly. If you're checking listings infrequently, there's going to be some sampling bias in the listings you see; overpriced houses that aren't selling will be disproportionately represented in active listings.