The other day, in the hotly contested post >
zillow’s zestimates vs Realtor list prices < I mentioned that
While it’s true that Realtor original list prices are way off these days vs sale prices, their(Realtors) record is much much better in normal times. And I’ll pull and post data that demonstrates that.
And I’ve done just that.
And used the same exact criteria as in the ‘zestimates vs Realtor’ post – single family, sold from 7/1 – 8/12, listed $500,000 to $749,999. But instead of 2010, I ran it for 1999 – which I believe was a normal real estate market. And since zillow wasn’t around in 99 we’ll just be looking at how close to, or far from, original list prices homes were selling for in those days. And, therefore, looking at how on or off the mark listing agents were.
A total of 7 homes met the criteria, here they are;
1. 6400 N Placita Alta Reposa
Original List Price - $519,000
Actual Sold Price - $519,000
2. 7302 N Mystic Canyon Drive
Original List Price - $564,000
Actual Sold Price - $546,000
3. 5920 E Placita Alta Reposa
Original List Price - $575,000
Actual Sold Price - $565,000
4. 4090 N Painted Quail Place
Original List Price - $565,000
Actual Sold Price - $570,000
5. 3575 E Placita De La Raza
Original List Price - $615,000
Actual Sold Price - $585,000
6. 4851 N La Lomita Road
Original List Price - $795,000
Actual Sold Price - $645,000
7. 5935 N Via Serena
Original List Price - $695,000
Actual Sold Price - $667,500
So it looks like listing agents did a whole lot better back then than they are now at nailing the right list price. And part of the reason for that, I’m sure, is that both agents and home owners are having a hard time these days, or simply refusing, to come to grips with the reality of today’s market. And of course sticking their heads in the sand has only made things worse. Much worse, for all of us.
Houses that could have sold for $800k two years ago, but were holding out for $1.2, are now worth maybe $600k. And there are plenty of them, hundreds, in the foothills alone.
For more on overpricing and the fantasy of current day list prices see > going beyond list prices & OLP/LP/SP , huh
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