One of the things I love about my job is knowing the market and all the things that affect it. People use numbers all the time to try to understand the relative value, trends, and history that affect real estate. But with all the numbers in the world, every home is its own story.
The perfect example of this is when you have a truly unique home that all the neighbors pine over, joggers stare at and passerby’s take photos of. I’ve listed a few homes like this and it doesn’t matter what the market is – someone is going to buy it and love it and pay whatever it takes.
Lately I’ve been seeing two markets: Distressed and Normal. Sometimes these ‘markets’ exist on the same block.
Distressed: Short Sales, REO, Deferred maintenance properties. These are generally cheaper on paper but don’t usually show as well. They certainly have different methods of sale which can be daunting or jam packed with red-tape.
Normal: Properties being sold by the actual owner that has maintained and properly set the home up for showing and for sale. These look more expensive on paper but generally show better and the sales process is much more streamlined.
Just as an anecdote, the last 6 offers I’ve written for buyers have been on properties with at least one competing offer, sometimes more.