How to Identify If A House Is Overpriced!

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[GovtWatchdog]

Ummm…is the house currently on the market? Then it’s overpriced.

[micheal_mills]

More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.

[ericbergman]

Americans are facing a tough time with their finances, especially concerning housing affordability and retirement savings.

[Mona-ybin]

Can you do a segment on how to tell when a new construction home is overpriced and how it appreciates over time compared to a resale in the same neighborhood and price point?

[jimmierand]

Yes! 1st
One thing that you've mentioned before is to pay attention to how many times the listing has been removed and relisted. For example, 5 days on market might not really be 5 days on market. It may be 5 days since it was last listed. In reality it may be >45 days total when adding all listings together.

[kliffordholly]

I wish I had watched this video one week ago. Put in a lowball offer on a home that had been on the market for 2 weeks with no other offers. He’s absolutely right, the sellers were 100% still stuck in fantasy land. The home was simply overpriced. Even the listing agent was trying to sway the seller to take my fairly aggressive offer. Via a few counter offers I landed on full price and they STILL didn’t take it. The market is shifting where I am and people aren’t realizing that, even though inventory is still low.

[katydid]

AZ folks are lucky they are in a disclosure state and can look at homes sales history and see recent sales on a map. I currently live in a non-disclosure state and they do not post sales history, recently sold or anything. There are 9 states that are like that. I think it’s kinda sketchy to hide it.

[BitsOfInterest]

Offering under list price doesn't mean you're low balling... We offered $55k under list within days of it being listed because they were pricing it as if it was perfect, but the house is 60 years old and hasn't been updated in 30 years. It needs $100k of work probably.

We ended up getting it for $40k under list plus $8k for red flags that came up during inspection like electrical and plumbing. They went with us because our offer wasn't contingent on selling our house, because we were renting. The other offers did have that and we heard the seller didn't want to deal with that, 😂

[tylerpappas]

Price per sqft is a great way to gauge. Compare to homes in the same subdivision

[Jimmy_Jingles]

Can I request a video with Pros and Cons of buying a house in foreclosure? Like already bank owned.

I’ve looked around YouTube and I’m wondering if 4-7 year old videos are completely outdated now.

[smooshwords]

Step 1: open calendar app, look at what year it is, 2024? = house price too damn high.

[darksideofthemoon]

I have one holding at 1.7 since March 🤣 realtor told me they want that umm nice way to say it “cash buyer” .

[keenyaburns]

Thanks for the info! Would like to understand how to tell when new construction homes are over priced when you build in a totally new community VS building in an established neighborhood.

[GrantDWilliams]

My landlord put this house on the market 34 days ago. There were 10 showings in the first 4 days. Maybe 4 in the next 10. But in the last 20 days there have only been 2. The last one was 5 days ago, on Saturday, and the one prior to that was the Saturday before that. Has he changed the listing at all? Cut the price? Of course not.

[amanacatandhisdog]

Can have a major defect like sloped yard or high propensity for flooding and asking for the same price as a home in the area that doesn’t have a defect like that. So it is overpriced but because of a major defect like right on the highway.

[warrendawkins]

Really helpful video, Javier, thanks! Question for you: How do you determine if your agent's CMA report is truly an accurate assessment of the value of the house you're considering buying? It would seem a buyer's agent could have a conflict of interest: they will receive a higher commission if they convince you to pay more for the house, right? So how do you determine if your agent's CMA report is accurate or inflated?

[darealchops]

I have a property I'm looking at in Texas that is at 600k for 1.5acr roughly 4300 sq ft. They reduced price by 34k about 4 weeks prior. House has been on the market for 120+ days. I came in at 520k....of course they turned it down but what timing would be optimal to make a counter? Or another offer?

[goodyangie]

Thanks for the vid. Great content as always

[kwannp]

Javier, do your agents work with investors?

[bean]

Don't accept a referral from a realtor. It means you are being sold. It makes commission harder for you to negotiate since more hands of greed pulling. The industry is corrupt.