Read on Twitter
Place originally listed over $1.3M. Didn't sell in over month. Dropped $100K and didn't sell. Currently up and "holding offers". At $899K tho?
You're going to get a bunch of people going through that have no hope of getting it. Anecdote alert
... /1
You're going to get a bunch of people going through that have no hope of getting it. Anecdote alert
... /1
I think listing $400K less than what you thought it was worth is pretty crappy to do anyway, but in a pandemic? Here's my anecdote from last week. Dollar drop isn't as large, but works out to higher percentage... /2
Last week went to see $699K listing (I tweeted about them having 15 minute showings due to large amount of requests). Ended up selling in mid-900s. With 26 offers. We were high 800s and told we were 4th with 3 bids that crossed 900. Was obvious going in was AT LEAST 800K. /3
I asked agent how many of the 26 were in the 700s. Told me 
. So nearly 40% of the bids were garbage with no chance of winning (I wouldn't even have submitted that low). How many people wasted time seeing this place, or even thinking about it? (buyers, agents, mortgage ppl) /4
. So nearly 40% of the bids were garbage with no chance of winning (I wouldn't even have submitted that low). How many people wasted time seeing this place, or even thinking about it? (buyers, agents, mortgage ppl) /4
And people unnecessarily exposing themselves during COVID. Just so agents could bump up their offer numbers. I guess thinking is some bidders might feel extra pressure in that case and increase their bids. I know I'm being kind of "real estate dad" here but this stuff irks me. /5
One idea I have around this (to come in blog post taking me forever to write) is that if house sells for >15% of list price then homeowner (and realtor) only make up to cap, and excess goes to affordable housing programs. So most this $899K place could get would be $1034K. 76
Agents could still underlist, but not by stupid amounts. Agents and homeowners would have to choose the list price verrry carefully. 
/7
/7
