Private sales, quit claim deed transfers, and family transfers do not always post clear data, even in the public records or tax records for sales price information. This is particularly true for cash sales, or private party financing. These types of property transfers represent a smaller percentage, but we don't know if your property has detail available or not.
If the detail is available, and your Realtor declined to provide this information, that is wrong.
Your Realtor, when saying it doesn't matter, is most likely trying to explain that the price paid on the last property transfer does not determine the present market value. That is correct.
Here's a few examples to consider:
Property purchased for 700K at December 2006. Comps support a market value today of 655K. Are you willing to pay the seller 700K becasue that is what the seller paid? Of course not. You want to pay market value, today's price.
Property purchased for 215K in 1995. Market value today 490K. Is the seller willing to sell it less because they paid less? No, the seller wants the highest price based on market value comps.
Property inherited and there is no estate tax. Market value is 375K. Is a seller willing to give it away because he got it for free? Does the fact that he did not pay influence the market price. No.
If the seller bought it for 400K and today it is worth 320K, what do you want to pay the seller? The amount the seller paid, or market value? So, if the seller bought it cheap at 115K, and today's comps support 185K, are you saying the seller should sell it for less? Doubtful.......unless the seller has a motivating reason to discount. Otherwise, the seller will seek the buyer willing to pay market value.
For this reason, the amount paid is somewhat irrelevant.
While I will explain to a buyer that his/her offer price needs to focus on the value of the property and how it stacks up against the competition, I would never withhold prior sales data (or any data) from a buyer.
Did your agent withhold data? Or, did he/she not have it, and explian that it's absence was not a factor in determining value?
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