momofkhm Posted August 23, 2011 Share Posted August 23, 2011 I really do not get this. I've been watching a house, hoping the price would go under $300k. I'v been watching it for about 2 months. The price has come down and then suddenly the price went up, a lot! 08/22/2011 Price change +$60,300 (+19.2%) $375,000 RE/MAX United 08/20/2011 Price change -$10,300 (-3.2%) $314,700 RE/MAX United 07/18/2011 Price change -$3,900 (-1.2%) $325,000 RE/MAX United 06/29/2011 Price change $328,900 RE/MAX United Does this make sense to anyone? I do admit that the price was really really really good for a house the size it is and the amount of land. And the new price is more in keeping with what I'd expect. But why would you increase the price? And why by so much? Quote Link to comment Share on other sites More sharing options...
MariannNOVA Posted August 23, 2011 Share Posted August 23, 2011 My incredibly feeble answer is that homeowners do that so that they are more likely to be included in someone's search. This is how I am familiar with it: A couple who is looking for $350k houses will likely look up to $360K assuming there is some downward movement in price. We have a property I have been watching and the owner is doing the same thing -- I find it confusing and I think others do as well. They started at $739k and they keep going back and forth between $729k and $759k. :001_huh: Quote Link to comment Share on other sites More sharing options...
FlyingMOm Posted August 23, 2011 Share Posted August 23, 2011 Possibly they did some renovations or repair work- maybe they refinished the floors or put in new carpets or all new appliances, etc. Roof work or new windows, new AC unit- really, it could be anything! Quote Link to comment Share on other sites More sharing options...
justamouse Posted August 23, 2011 Share Posted August 23, 2011 Prices-I heard-are settling, even rising a bit. Hope that the end is over? :001_huh: Quote Link to comment Share on other sites More sharing options...
ashfern Posted August 23, 2011 Share Posted August 23, 2011 Is it a short sale? I have two that I'm still waiting on the banks to give me their lowest price (going on 2 months now). :glare: They insist that the houses are listed before they will start the process. I listed the houses at the price that I think they are worth, given the market conditions. Both houses are listed for less than what is owed. If the bank comes back that the price is too low I will have no choice but to increase the price. Quote Link to comment Share on other sites More sharing options...
FrogMom5 Posted August 23, 2011 Share Posted August 23, 2011 Prices-I heard-are settling, even rising a bit. Hope that the end is over? :001_huh: I hope you're right. We have a house we've been renting out and would love to sell it this spring. I don't care about getting a higher price, just to get it sold. Denise Quote Link to comment Share on other sites More sharing options...
Excelsior! Academy Posted August 23, 2011 Share Posted August 23, 2011 Possibly they did some renovations or repair work- maybe they refinished the floors or put in new carpets or all new appliances, etc. Roof work or new windows, new AC unit- really, it could be anything! I'd bet it is this. Quote Link to comment Share on other sites More sharing options...
Crimson Wife Posted August 23, 2011 Share Posted August 23, 2011 Is it a short sale? I have two that I'm still waiting on the banks to give me their lowest price (going on 2 months now). :glare: They insist that the houses are listed before they will start the process. I listed the houses at the price that I think they are worth, given the market conditions. Both houses are listed for less than what is owed. If the bank comes back that the price is too low I will have no choice but to increase the price. This seems to be happening a lot in my neck of the woods. The banks are being stupid, however, because prices are continuing to decline. There is one house we went to look at back in fall 2009 that kept coming back on the market because the lender wouldn't approve the offers. The lender rejected 5 (!) offers before the property finally got foreclosed upon. It just came back on the market at nearly 30% below what it was when we toured it 2 years ago. Quote Link to comment Share on other sites More sharing options...
LucyStoner Posted August 23, 2011 Share Posted August 23, 2011 I would guess the bank refused the listing price on a short sale unless there is some sort of major game changer in your local market. In this economy someone would have to be crazy to drop $60,000 in renovations on a house sitting on the market. Quote Link to comment Share on other sites More sharing options...
LibraryLover Posted August 23, 2011 Share Posted August 23, 2011 (edited) It's one crazy world of real estate. Edited August 23, 2011 by LibraryLover Quote Link to comment Share on other sites More sharing options...
gardenmom5 Posted August 23, 2011 Share Posted August 23, 2011 (edited) It really depends upon the market and the neighbor hood the house is in. It could be the owner is determined to not do a short sale, and so the price is inflated. wanting to make sure the agent commission is covered. could be a whole host of reasons. has your market picked up? the reality is, a home is only worth what someone is willing to pay for it. we have some new construction across from us. last spring, the builder put up a sign as a short sale. now it has been taken down, and they are in negotiations for a near full price purchase on one of the houses. Edited August 23, 2011 by gardenmom5 Quote Link to comment Share on other sites More sharing options...
LibraryLover Posted August 23, 2011 Share Posted August 23, 2011 This seems to be happening a lot in my neck of the woods. The banks are being stupid, however, because prices are continuing to decline. There is one house we went to look at back in fall 2009 that kept coming back on the market because the lender wouldn't approve the offers. The lender rejected 5 (!) offers before the property finally got foreclosed upon. It just came back on the market at nearly 30% below what it was when we toured it 2 years ago. We have friends in the SF area. From what they have told us, there really isn't a lot of play in prices. Some areas are worth a lot more, and some are worth less. SF, like Boston, NYC, etc is an area where prices don't drop hugely. You do see dips and blips, of course. Quote Link to comment Share on other sites More sharing options...
Crimson Wife Posted August 23, 2011 Share Posted August 23, 2011 We have friends in the SF area. From what they have told us, there really isn't a lot of play in prices. Some areas are worth a lot more, and some are worth less. SF, like Boston, NYC, etc is an area where prices don't drop hugely. You do see dips and blips, of course. This is true in S.F. proper and in the nicer suburbs on the Peninsula. We're over in the East Bay, however, and prices keep dropping. In our town, the median sales price per sq. ft. is down 11% from 1 year ago and in the next town over, the median sales price per sq. ft. is down 20% from 1 yr. ago. We probably should've rented rather than bought a bigger place when we moved in December of 2009, but in the long run hopefully it won't matter that we didn't quite hit the absolute bottom of the market. Quote Link to comment Share on other sites More sharing options...
creekland Posted August 23, 2011 Share Posted August 23, 2011 In our area (not yours) prices started rising in June and are continuing up. Or, as others have mentioned, they might have done renovations or thought they were below the radar price-wise for the level of buyer they were looking for. I'm quite pleased that prices in our area have started to rise as we're going to be selling our rentals in the next couple of years (most likely). Quote Link to comment Share on other sites More sharing options...
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