There’s a house for sale in our neighborhood. It’s a decent house, and they just put in a pool in the back this past summer. It looks like a nice pool, but apparently they think it’s a GREAT pool. So great they are asking $130K+ over the typical asking price in this neighborhood. It’s laughable really – the house itself is no better or worse than every other house in this neighborhood. I could see asking a slightly higher price if it had 3.5 baths, but it only has 2.5 – just like 90% of the other homes in this development.
Where the house stands out from ours – they expanded the breakfast nook another 5-6 feet back, and they have a vaulted ceiling in their tv room with an extra staircase leading upstairs. But in every other way the house is the same as ours in details, amenities, extras. So in that regard the house is basically worth MAYBE $10K more than ours if you look at the house alone. But yet these sellers are allowing their realtor to tack on $130K+ more for a POOL and deck in the backyard. It makes no sense whatsoever.
The only good thing about this listing? Let’s presume that they finally sell in 6 months at a lesser price – say, $66K over typical asking price in this neighborhood. Well, that means my home value just went up by about about 10% without even doing anything since that house will be a great comp for us to use in pricing our home when it’s time to sell. And no, we’re not selling anytime soon. But it’s still nice to know.
Those poor sellers – I predict they’ll be lowering their price once a month for the next six months. I’ll keep you updated on how much it sells for.