This home in Preston Hollow sold in February 2006 for $815K. It was vintage early 90's and desperately needed updating, but otherwise a solid home. The new owners did a nice job renovating the home and it looks like it shows great. But why the heck-fire would they be trying to sell - and expect to make $200,000- after owning the home for just 2 years? That's $100K a year people!
Are they flippers? Are they sellers just looking to move up, down or sideways? Do they have to sell or do they just want to sell? Are they being relocated?
I just don't get it. They have already reduced their asking price to $1,025,000 down from $1,070,000 and been on the market for over 4 months. Considering there are 173 homes for sale between $900K and $2 million in Preston Hollow it just doesn't make good business sense to be selling their home right now unless they are willing to get a little bit more realistic with their price. But this is exactly why there are so many homes on the market because no one lives in their home long enough to earn any equity and they expect the buyers to be ignorant of the fact that they bought the home for $815K 2 years ago. Seriously folks, you need to start paying attention.
Maybe they feel they can sell it now and get close to what they paid as opposed to waiting a couple years and loosing. Maybe they want to take advantage of another house for sale that they really want.
ReplyDeleteOne thing is for sure an incorrectly price home will sit and sit till you lower the price or someone from out of the area comes and purchases it without knowing the current market value. This happens in Florida people sell there homes in North move South and pay alot and realize they could have gotten it for less once they live here and see the market. So maybe they are waiting for the out of state person.
Dallas real estate hasn't depreciated for as long as I can remember. I think it was '88 and '89 maybe? So that's why I get so frustrated when people sell after living in the home for 1 or 2 years. These people will actually make more money if they sell 1 or 2 years from now. IMHO, finding another home they like better is and absolutely ridiculous reason for moving and somewhat irresponsible.
ReplyDeleteI'm not sure if they put $200K into the home to renovate it but I'm not sure a buyer is willing to pay top dollar for their work either. After being on the market for 4 months (and they only reduced $50K) the market is telling them they are priced to high.
So stay in your damn homes people! (Said with love because I'm giving you real estate advice)