I went on my first tour of a home this year (I have bought property in the past) and going in I knew the home was overpriced and it has been on the market since March of this year but I figured this was a good time to see a home that has been on my list and a good way to meet my realtor for the first time in person.
Realtor sends me CMA before the tour and it shows that the home is over priced. Homes with similar square footage were selling for mid $400k (avg sq foot of around $200) and only homes that were selling for more were larger in size but were still selling for around $200 a square foot or less. This home was selling for $580k (around $250 a sq foot.) I tell the realtor before we head out that the CMA confirmed my belief that the home was overpriced and he responds with the $580k price is "around the ballpark."
We get to the home but he was hyping the home that it was owned by an architect and the finishes and remodel done around 2010 were done right and perfect so no need to worry the quality of the work. Not sure how he knows the work of the home and he was coming off as as the listing agent and not the buyer's agent. For example, how does he know the work was done right? Do they even have permits? Who knows. Overall didn't really make any comments about the home other than it was well done and maybe the carpet needs to be fixed downstairs which I agreed with since the home looks good cosmetically but it is a bit outdated since it was reno'd in 2010.
At the end of the tour I did press him about the price and I was trying to get a gauge on what he thought the home was worth but he was a bit elusive. I told him I looked at similar comps and even if I took the most expensive sales price from the CMA and used that sales per sq foot it was coming around $200 a sq foot (granted this home still sold in the low 500k and was larger than the home I was looking at.) Even his CMA showed $200 per sq foot average. So I figure the home was worth around $460-$480k (granted similar homes with similar sq footage sold for $440k but I figure this one was more well done so maybe there is a premium.) I finally got a number out of my agent and he said it should sell at $550k. He said if they priced it at that price from the beginning it would of sold. Never really explained how he got that number but hey 5% off of listing price gets to around $550k?
Long story short, I knew going in it was going to be tough to get the listing agent and the seller to agree to $460k-$480k and to drop their price around $100k I treated this tour as an experience and a way to gauge my buyer's agent and I'm not sure it was a good fit, and to me he came off as nonchalant about the price of the home. In the very least he could of used a line like "hey the market is hot and the home is above the comps but in this market comps don't matter as much." But all along he was suggesting the home was priced reasonably (again this home has been on the market since March.)
What do you think? Am I being unreasonable? What should I expect from my agent?
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source https://www.reddit.com/r/RealEstate/comments/jk2k13/do_i_need_a_new_agent/
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