Market Forces

It’s never a dull moment in this market and I really am seeing things I’ve never seen before. The market forces at work are really quite remarkable and sure do shape the way things are. Take the house at 223 Puffin for example. It’s a very nice 2945 sq ft 4 bedroom, 4 bath house that was listed for $1,168,000. It looked at offers, got 5 of them and then decided to opt for a different response. Here’s what’s printed in the agent notes on the MLS:

5 offers received on offer date. In light of resulting sales price of 221 Puffin Court, Sellers have elected to re-price the property accordingly.

It’s now priced at $1,308,000. The house at 221 Puffin is a 2460 sq ft 4 and 3 that was listed for $1,198,000. They looked at offers on April 26. It closes on May 21 so we’re not sure what it sold for. I have no doubt the folks at 223 Puffin do know…what do you think? I’m also thinking they didn’t get $1,308,000 when they looked at those 5 offers they got. This practice is fascinating because it sure could never happen in any other market. The market speaks and you say “no thanks…I want more”. I hope they get it! Everybody likes a rebel after all!

Comments

  1. Patrick says:

    I think it’s more like the seller agent recommended a low list price, hoping to start a bidding frenzy. Since the 5 offers didn’t meet their wish price, which is $1.3m, they want to restart. I’m pretty sure the 5 buyers would walk away. The house will stay on the market for several weeks and maybe settled at $1.25m.

  2. Swapnil says:

    Rebel is when you are going against the direction of the market. The market is going up and they are asking for more. That is hardly a rebel!

  3. Swapnil says:

    Though I should add: “good for them” 🙂

  4. Jim Minkey says:

    Swapnil you make an interesting point. I actually think that you could make the case that the market did indeed communicate with these sellers. The market appears to have said “no” to $1,308,000. 5 offers and they didn’t get it. I think the point could be made that the sellers have actually gone against the direction of the market and that’s what makes them rebels. The good news would be if they do indeed get $1,308,000. If they do…good for them!!

Speak Your Mind

*