Posted by Charity on December 17, 2000 at 18:34:26:
Being a real estate agent, I can tell you in our market that FSBOs almost always overprice their homes. People are emotionally attached to their homes and always think that they are worth more than they are. That is why you generally still get a better deal with a listed home than a FSBO around here. You aren’t normally saving the commission on the FSBO- the owner just figures he should get it instead!
I think if they bought it for that price in 1999, there is no way it has increased in value UNLESS they bought it as a corporate relo or foreclosure or something. Either way, just remember that you have to objectively look at the SOLD comps and see what the home is worth. I don’t even count the current listings or those expired ones- just what has sold, because that is what an appraiser will look at.