In this crazy market, and in every market, we present our buyers with the 'comps' to assist them in determining an offer amount.
The infamous comparable sales. What is active, pending and sold that is like the home they want to purchase.
You'd think it would be easy, right? Hah, not so right now. Crazy things have been happening.
Looked at something a couple of months ago. Both myself and the listing agent felt it was about 80k over priced! Both of us. My buyer wrote it for 30k under list price. Someone else wrote at list price and got the home. The recent closed comp was 100k under that price. Crazy, right?
Another pair of buyers I was working with wrote an offer at about 50k over where we anticipated the appraisal coming in. They were prepared to pay the difference in cash. The appraisal came in at purchase price. Lender had it reviewed, but it stuck! Go figure!
Another buyer, with closed comps about 30k under agreed price and the appraisal comes in 15k higher than purchase price! And, no review by lender...AND, our purchase was a townhouse with all but one of the appraisers comps being detached homes. Really, really, a wild appraisal ride.
My sellers are doing AOK. Only one appraisal problem, sorry for the buyer, but that's it so far.
So, back to the topic......sorry, got a tad sidetracked.......
Waiting right now on a buyer to make a decision about this very same thing.....we shall see where she ends up in her thought process'!