Are properties really selling over market value?

[residentialguy]

not when there's 3 match models sold within 60 days within the same project. And besides, My Appraisal software doesn’t calculate the routes crows take to get from one place to another.

. . But why do you ask, are you a Realtor?

You really didn't answer his question. Does your report distance reflect Crow or driving distance?

 

[Zoe]

Listing agent are using their low listed price for marketing.
I saw a brochure where the listing agent is boosting that he had the highest price difference from listing price than other agents.
He sees it as his agent's skills in getting buyers to bid over the list price.
I see it as his laziness in listing his property way below market price without checking market price range in area.

How is your commercial property doing? It has to be doing better. It will get better if it hasn't already. Hang in there.

 

[Zoe]

How is your commercial property doing? It has to be doing better. It will get better if it hasn't already. Hang in there.

Are you still forgiving rents like you were?

 

[Zoe]

@Fernando

I would like to be a tenant of yours if you would forgive my rent.

 

[Evincere]

You really didn't answer his question. Does your report distance reflect Crow or driving distance?

it was a ridiculous question.

 

[residentialguy]

it was a ridiculous question.

What was ridiculous was your as Crow fly statement.... As if the 3 comps in the subject are the best and as if the development next door can't be equal or adjusted to be equal.

 

[Evincere]

The key word is "multiple."

Are we talking about a bidding war on one property, or a marketwide phenomena where this is happening with multiple properties due to supply and demand issues? In other words, is it a transactional or marketwide issue?

Just asking your opinion here, not meant to be a challenge. The former. Multiple contracts on a single property - Isn't each contract per property considered an individual transaction. When multiple bids exist could it be considered undue stimulus or pressure to win the bid. Many, but not ALL properties are going to contract on multiple bids.

 

[Evincere]

What was ridiculous was your as Crow fly statement.... As if the 3 comps in the subject are the best and as if the development next door can't be equal or adjusted to be equal.

Thanks, but it NOT me, it was the Realtor who wrote that in the ROV. Different HOA fees, amenities? You consider 3 miles distance next door?

 

[Zoe]

Listing agent are using their low listed price for marketing.
I saw a brochure where the listing agent is boosting that he had the highest price difference from listing price than other agents.
He sees it as his agent's skills in getting buyers to bid over the list price.
I see it as his laziness in listing his property way below market price without checking market price range in area.

You should have forgave that restaurant tenant a month or two or three. How did you convert that space? Or did you get another restaurant tenant?

 

[Mark K]

The current market is what it is. No so called "undue" stimulus. How could it be undue stimulus when the vast majority of buyers are acting similarly.

I disagree. Why can't the market of buyers all be desperate, highly motivated, and/or unduly stimulated, primarily due to the vast imbalance in the supply/demand curve? Its called the Madness of Crowds.

That's like saying that in a feeding frenzy, only one shark is acting under undue stimulus.

As to the original question re; 'are people really buying over market value?'.... The OP seems to be saying that any sale that occurs with a willing buyer and seller, at any price, its reasonable to call it market value. (If this is the case, there's no need for appraisers; just call the sales price the market value) Again, disagree. A winning bidder does not equal a "market". The "market" is somewhere less than the top bidder(think auction because that's what's occurring). Maybe somewhere less where there are multiple buyers willing to pay the price, not necessarily the greatest fool, so to speak. One buyer/bidder does not make a 'market'.

However, when this "market value" sale closes, the next day it will be used as a MV comp in a lot of appraisals but that's another issue.