Theresa Trentacosta's Q&A

Hi Joe,Can you come with me to my listing appointments and explain these things to my sellers! haha!  You are so on the pulse of what buyers are thinking and some of these sellers are still not listening.  I think your comments are terrific!

The value of your house is determined by the last few sales in your area. For example, if your neighbor's house is basically the same size and condition as yours and they sell for a very low price, your house is now going to be based on what your neighbor sold for. The buyers out there know this is their opportunity to get a good deal in the market. The typical buyer will shop for the best deal they can find by weighing the pros and cons of each property, price, location, amenities and condition. Once one house similar to yours sells low it sets a precedent for future sales of houses that are like that one.

This house in particular has a septic tank.

The prices in your development may be coming down largely because of seller motivation. Some of your neighbors bought their houses in the height of the market at historically high prices. As living situations changed (divorce, unemployment, relocation) some of these sellers just had to sell quickly or were in danger of going into default (foreclosure). Those who needed to sell quickly priced their house aggresively to get it sold quickly and bargain hunting buyers were out there low balling the prices to get the best deals possible and because the seller's needed to sell, they accepted very low offers. Therefore setting a precedent for the rest of the market prices in that development. Some of the sellers who were in danger of foreclosure either foreclosed and the bank sold the house at a significantly low price or they made arrangements with their mortgage company to sell their house for whatever amount they could get which of course was low.  These few sellers who had to sell at drastically low prices have now set the pace for the rest of the sales in your development. Please let me know if you need any further information. I would be happy to assist you.Sincerely,Theresa Trentacosta

According to the MLS the lot size is 130X261X280X140 irregular lot.The house itself is 3,600 sq ft of living space.

This house was built in 1956. According to the MLS...adding up each room's square footage...the living space is about 1900 sq ft but that is just an approximate. I do not know what type of foundation this house has but it does have a full basement. It sold in 2008 for $352,000

You were right! This house actually closed for $400,000 on the nose! Great observation. Are you a realtor by chance? :)

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