- Jun 14, 2011
- Reaction score
I'm seeing a lot of non-updated houses priced as if they were updated. The updated ones sell within days. The non-updated ones sit.As a person currently in unsuccessfully trying to sell, I would add that there may be rational reasons to do so. Of course, every market is different. The unit I'm selling is priced high relative to where most recent transactions have occurred in a specific market that has been hard hit by COVID (high rise condos). It's a tough market to rent it out in (for the same reason) so I've resigned myself to letting it sit for a while and hopefully some unicorn buyer decides they have to own it. Have had a few showings but no offers as of yet. I am sure that if I race to the bottom I could have a quicker sale, now that there are deals closing, but it's not clear to me that it's in my best interests to do so.
The house that I said we were "bullish" on turned out to be a bust. The updates were DIY (tile looked like it was grouted by a 5-year-old), there were possible structural problems, and the electrical looked dodgy (mostly 2-prong and no GFCI). It's probably still overpriced by 10%, but eventually someone will give in.
Pretty obvious it came back on the market because of a bad inspection or low appraisal.