Friday, July 23, 2010

Not always knowing

I closed on a house this week in Bay Ridge, a beautiful property with a lovely front porch and deep back yard. I think the buyers will really enjoy living in this house as did the seller's family for about 55 years.

In the buying process, a number of buyers bid up to a certain amount, saying the house would never appraise for more that amount. These buyers insisted they knew this for sure. When I said I had comparable sales to support a higher price, they were dismissive.

I sold the house for over $70,000 above the price point the buyers insisted it would not appraise. And the house appraised. I am not always right but I knew the house had more value than these buyers insisted.

Realtors are not always correct. But those of us who have been in the business for a while, do have a great deal of expertise. And our opinions should be considered seriously. Sure, I am in the business of selling property. But we all live in an age of lots of information, thanks mostly to the internet. The information is there to consider when buying or selling.

In the end the right buyers bought the house. But I wanted to note this difference in opinion, and outcome of the sale.

Have a great weekend and stay cool!