In this rising market, it's pretty easy for sellers to dream of a huge payday. As often as not, they get all they want and more.
But there are a couple of old rules that still apply today:
1) Location matters, and
2) Overprice, and you may get less.
Our case study here is 3102 Blanche (5br/4ba, 3400 sqft.).
In the hot, hot Spring this year, 3102 Blanche came out of the gates asking $2.750M.
That was $809/PSF, which would have put this home on a par, by the square foot, with two better-located sales that had closed just before the listing launched:
• 2001 Agnes (5br/4ba, 3470 sqft.) at $2.811M and $811/PSF (pictured)
• 633 26th (5br/5ba, 3380 sqft.) at $2.637M – a "gross equivalent" price of $2.700M because the buyer took no buyer's agent…