“They are going like hotcakes and I can probably get you $100k off”
March 3rd, 2008 Categories: Real Estate News
A client recently called from a weekend real estate foray with this comment given to her by the listing agent, followed by “let’s write an offer!”. Never one to discourage enthusiasm, I agreed to meet just as soon as I checked it out.
I found the listing on the MLS and there were 8 of these lots that had been on the market (DOM) for 74 days, none sold. Digging deeper I saw that 3 had sold about 9 months ago. Deeper yet, I saw that the listed properties had been previously listed for a whopping average of 287 days without selling. And reading on a little further, I learned that the listing agent was also the owner. Real meaning?
“They’re selling like hotcakes” - 3 out of 11 sold almost a year ago, the rest have been on the market an average of 361 days…
“You can probably get $100k off” - I am desperate to unload!
Other things that my client had not considered…building will require a well and a septic system, fencing and electricity brought to the site. Morever, it is in a floodzone, meaning increased insurance and whatever else the future holds.
The property really is pretty, especially now that the trees are leafing out and spring has sprung. She may very well decide to go ahead and it might be a great decision when we look back in 5 years time. The point is, KNOW what you are getting into. Listen and then call your agent. A good agent can quickly get the lowdown on a particular property. This may hold the key to your decision about how you make the biggest purchase of your life.
- Jamie Madison
