why why why would they do this????

[tlbwriter]

No, there really does not have to be ANY basis for pricing.

But there is a basis for LENDING. It doesn't matter what you price your house - if the lender decides it's not worth that much, you aren't going to be able to get that mortgage. And as you said earlier, comps are part of that equation. Why do you continue to argue this point when you yourself have already admitted that comps matter?

 

[Disney Doll]

No, there really does not have to be ANY basis for pricing. You could have all the comps in the world that say your house is worth $500,000 but you still list it for $700,000, stupid, but it can be done. Same goes the other way, if someone wants to list their house for $40K under comps, go right ahead, there is really nothing stopping them. Again, comps are just the comparable houses to your house. What your house is WORTH is what someone is willing to pay, no more, no less.

I didn't say the seller had to listen to the guidelines. I said that the comps were guidelines.
My DH has been in real estate for 25 years. Believe me when I tell you, most sellers think their house is worth WAY more than it is, no matter how many comps you show them. But the realtor still has to have something upon which to base a price. It is the rare seller who is willing to let their house go for less than what they know are the comparable home prices in their area. Usually if someone prices their home at less than a recommended/comp-based price to get a quick sale, there is a reason.

 

[Disney Doll]

I was wondering that myself tlb.

 

[disneyismyname]

I don't know much about "comps"....so I'm sticking with my "the house is haunted" theory.

 

[mickeysgal]

No, there really does not have to be ANY basis for pricing.

Sure there does. Try refinancing. A bank will pull comps and hopefully do a walk-thru appraisal of the home. They'll put that info together and will come up with a price that is in line with other comparables in the same neighborhood. The overall value of a house on a bank appraisal is always measured/tempered against similar homes in the area.

 

[golfgal]

But there is a basis for LENDING. It doesn't matter what you price your house - if the lender decides it's not worth that much, you aren't going to be able to get that mortgage. And as you said earlier, comps are part of that equation. Why do you continue to argue this point when you yourself have already admitted that comps matter?

Sure, there is a basis for lending but if no one offers you anything for your house, it really doesn't matter. A bank may only lend X dollars but that doesn't mean you can't pay MORE out of pocket (which is what was happening in the market here 10 or so years ago).

I didn't say the seller had to listen to the guidelines. I said that the comps were guidelines.
My DH has been in real estate for 25 years. Believe me when I tell you, most sellers think their house is worth WAY more than it is, no matter how many comps you show them. But the realtor still has to have something upon which to base a price. It is the rare seller who is willing to let their house go for less than what they know are the comparable home prices in their area. Usually if someone prices their home at less than a recommended/comp-based price to get a quick sale, there is a reason.

I know most sellers think that their house is worth more than it is. Again, a realtor can have 1000 comps showing a house is worth X but if NO ONE offers that, it isn't WORTH that. Ask your DH to explain that to you. He can't force someone to offer X.

 

[USAND3KIDS]

LOL

If you people only heard the gossip that goes on at my kids bus stop every morning between the group of women who have yet to speak a word to me although we have been in this house nearly a year, you would understand why it is quite possible that the original poster is indeed one of meighbors.

 

[USAND3KIDS]

It is interesting how our personal character is judged by the income we make, isn't it?

I couldn't afford an expensive home. I guess my family is just unsavory.

Unsavory in the event that my wife made dinner for the neighbor every night when her husband died.

Unsavory in that when said neighbor goes away every winter to Florida, I make sure her driveway is cleared of snow on the off chance her daughter visits the house to check on things, which she does at least once or twice. Also, I make sure it doesn't look like an empty house with 4 feet of snow piled up in the driveway.

Unsavory in that when her mower broke, I spent the extra 3 hours mowing her yard for her, as her husband did for us back when we had mower issues.

Unsavory in that I helped her with her basement when it flooded from rain a few years ago.

Unsavory because we share about half our garden and fruit from the apple, peach, cherry, pear, and plum trees we have of which she also shares hers.

Such a horrible family we are, all because our income left us looking for a house that didn't cost a lot.....

I couldn't have said it better, really. Man, I sure wish you were my neighbor....we'd get along just fine.. My house is a little older, a little smaller, needs a little bit more work.....but the people living in it are beautiful,wonderful, kind and generous. I would live next door to a thousand families like yours or mine before I ever signed up to live next door to a judgemental, self richeous, busy body. Unfortunately that isn't always up to us.


I think this thread is making it very clear who the gossipers are and who the gossipees are.

 

[FlightlessDuck]

I don't get it.

OK, so comparative homes up for sale affect the price of your home. I do get that.

What can you do about? Go to the neighbors and ask them to raise their selling price? Why should they listen to you? What is your next step if they don't? Sue?

Why worry abut something you can't control?

 

[tlbwriter]

I don't get it.

OK, so comparative homes up for sale affect the price of your home. I do get that.

What can you do about? Go to the neighbors and ask them to raise their selling price? Why should they listen to you? What is your next step if they don't? Sue?

Why worry abut something you can't control?

I thought that was the whole point of a vent... to complain about something?

 

[Swan4Me]

OP_did you ever talk to the Realtor?

Are they going for a Bigging War?I've seen that on HGTV