Tuesday, November 16, 2010

More about 1435 Pass, Burbank or the trouble with "auction prices"

See below for previous posts -- and comments -- on the listing at 1435 N. Pass, Burbank.  An agent in my office, whose client made an offer on it for $435,000, tells me that there were ten offers by last weekend.  His client's offer was not the highest, and he believes Pass went into escrow around $440,000+.  This is still less than what I think the house is worth, and in my opinion, the buyers got a fabulous deal.  I'll know exactly what it sold for when the price is published in the multiple listing service next month.

I think that if the sellers had priced this a little closer to the comps, it would have taken a longer to sell.  That's a bad thing.  But I also think they would have ended up with a higher price -- and that's a good thing, if you're a seller.

1 comment:

  1. Phyllis Harb5:34 PM

    Judy, I agree with you, if a seller wants to get the highest possible price, he doesn't price 10-15% below market. If he wants an auction, it seems that typically 5 - 8% will do it. Especially in affordable price ranges such as this.