30 Thousand dollar crown molding

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Real Estate Agent with Home Real Estate

Today my suspicions that there are still some really strange Realtors left out there, roaming the streets seeking to over price houses to get a listing. A broker friend and I were brain storming last night and he asked my advice on a house that he was pursuing for one of his buyers.

My broker friend engages the listing agent to ask a few questions about how her and the seller came to the listed price. He tells the broker that he has pulled all the sold comps in the area and that he could find any comps in the area that sold for what they are listing for based on the listing in questions square footage. To top it off the few houses in the neighborhood that did sell for a little bit higher were 500 plus more square feel larger. The house in question is around 2400 square feet.

The buyer's agent starts digging a bit deeper to see what justifies a price around $25,000.00 more than like listings in the area and more expensive than homes with a lot more square footage. When he asks the question again, "What is it about this house, that justifies such a steep increase in the listing price?" the listing agent tells him that it is because the house has "crown molding".

Crown Molding

Don't get me wrong, I like a nice house and I have heard of sellers and agents justifying price by adding new cabinets, solid surface counter tops, wood floors, new paint to come to a total of 25 thousand dollars. But just crown molding? Yeah, that is probably not going to fly in the eyes of the appraiser.

Do you have a good story about a over priced house with a silly justification? Mabye the seller replaced all of the wall plates for the electrical outlets in the house and tacked on 5 thousand dollars for good measure.

 

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"Whacked"!!!
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Rainer
307,049
Jennifer Chiongbian
Specializing in all types of Manhattan apts & townhouses - Manhattan, NY
Real Estate Broker - NYC

That is hilarious!  Maybe the real estate agent was just born yesterday to think that crown molding is worth $25,000 more on a house.  I can understand if it was full coffered oak paneled ceilings throughout the house, but that pathetic crown molding that you can buy in Home Depot for $2 a sq. ft????  I think he needs a reality check!

Jan 20, 2012 10:59 AM #1
Ambassador
417,656
Stacey Smith
Harcourt's Prime Properties - Dana Point, CA
Your Orange County Beach Cities Realtor

It's just sellers think their homes is the prettiest crayon in the box it's our job to help them realize they are still subject to the other crayons in the box...

Jan 20, 2012 11:02 AM #2
Rainer
61,007
Loren Green
Greens Home Design L.L.C. - Buckeye, AZ
Phoenix Home Inspector & Designer

Is that popcorn texture on that ceiling?  How much of a discount should there be for that?

Jan 20, 2012 11:06 AM #3
Ambassador
1,185,971
Dick Greenberg
New Paradigm Partners LLC - Fort Collins, CO
Northern Colorado Residential Real Estate

Hi Steven - Our dumb justification for overpricing for January 2012 - so far - is that the outbuilding had a real foundation and wasn't built on a slab. Yep, that will certainly bring in those buyers!

Jan 20, 2012 11:30 AM #4
Rainmaker
711,757
Sharon Parisi
Keller Williams Dallas Premier Realty - Dallas, TX
Dallas Homes

I think I have now heard it all!  Realtors say some interesting things!

Jan 20, 2012 12:05 PM #5
Ambassador
2,410,846
Patricia Kennedy
Evers & Company Real Estate, Inc. - Washington, DC
For Your Home in the Capital

Steven, it looks like the plastic kind!  A couple of bucks, maybe, but then he'd need to make a downward adjustment fot the size differential.  Cheez!

Jan 20, 2012 02:02 PM #6
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Rainmaker
111,067

Steven Wright

CRS - Home Real Estate - 720-989-5283
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