Often, when a home has been on the market for an extended period, 6, 8, 10 months or more, and a buyer finally comes along making a so-called low-ball offer for cash – no mortgage, no appraisal – along with a fast close, 2 – 3 weeks, it’s hard for the seller to resist. A bird in the hand - in 2 – 3 weeks it’ll be over and done with and I can finally move on.
It doesn’t always work, but often it does.
That may have been the case with a home in Finisterra that after multiple attempts finally sold yesterday. It was listed in 2011 and again in 2013 (skipping 2012) for $2,500,000. But that didn’t fly and it left the market in 2013. Then, slicing 20% from their last asking price, they relisted it in October 2014 for $1,995,000. But it still took 6 months for a buyer to appear, and when they did they made a cash offer, fast close deal that was another 20% under the already reduced list price, and it closed yesterday for $1,600,000. The buyers did well and the sellers were able to move on with their lives. And perhaps they can take some comfort in the fact that, so far, this is the highest priced sale in the Catalina Foothills this year.
And the fact that the upper-end market has a hefty supply and weak demand is also likely to sway a seller to forget about what they want and to take what they can get - before the heat of summer is upon us and the prospects really dry up.
PS – selling for 20% under list price is not the norm, the 10 other homes listed at $1,000,000+ that have sold this year sold at an average of 92% of the list price at time of sale.
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