How does a sale price increase, not decrease?

Asked by Kim Hayes, Garland, TX Wed Aug 26, 2009

How is this possible? This is only the 2nd time I've ever seen this happen & only in the last two weeks. I mean the property spec's seem promising, but it doesn't look like the seller or 'lender' wants to sell this property, after all it needs a lot of work.

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Helen Karuba, Agent, Dallas, TX
Thu Aug 27, 2009
If a price increases it could be because there was work done on the house and it was below market value. Could also be because a Realtor entered the wrong numbers in MLS to begin with by accident! To be honest, I question the wisdom of increasing a price. Just like you, if I see that in MLS, I wonder what was wrong with the house to begin with and why the repairs were necessary. If I have those questions after being in real estate and construction over 20 years, will a buyer have the same issues?? The best thing would be to not even put the house on the market until the work is completed and the house is at market condition.
Give a call if I can help you
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Becky Carr, , Dallas County, TX
Wed Aug 26, 2009
Hi Kim!

Perhaps originally the price was good market value if the property needed work, but since that time (even in 2 weeks), some repairs or upgrades have been done that warrant a price increase...such as new carpet, roof, remodeled kitchen, etc.

Or in the case of a possible foreclosure or short sale, the owner could have specified to the REALTOR a listing price that was ultimately too low for the lienholder to consider and upon an appraisal or broker price opinion, it was determined that the market value was actually higher than the price originally posted and thus the listing price was raised. If this is the case, savvy buyers and investors will know the market values and will likely offer near this price anyway even if the listing price is lower. This is how multiple competitive offers happen.

These are only two of the possible explanations for a price increase. If you are working with a good REALTOR, he/she will research and find out the answers to these kinds of questions on particular homes that you are interested in. Every property is unique so it's impossible to say why this happened until you visit and view the property and until you have your REALTOR research the details for you. Then you will have a much better understanding of the property and it's specific circumstances.

If you need an experienced REALTOR in Garland who can research and help you determine values on the properties you are looking at, please give me a call! I would love to represent you in your home search!
Call me anytime!

Becky Carr
Coldwell Banker APEX REALTORS
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