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Highest priced home on the block fell out of escrow and now 22 days listed in a hot market.

We were the ‘first’ sale of the 2021 hot selling season in our neighborhood back in February and sold over asking, including credit on a minor stucco issue we had no idea about (completely reasonable, given the appraisal contingency and this neighborhood historically being dead for sales in Q4 for the past decade we’ve been here. Everything went as expected - no regrets). Our neighbors listed at our contact price a week later; more recent kitchen, powder room and a screened in porch. They sold 35k over list in March.

Now, their adjacent neighbor has listed their comparable (to ours) house at 45k over our original list, went under contract immediately and fell out within a week. It’s been two weeks since they relisted and neither their status nor price has changed on the MLS.

My nosy hypothesis is that because they fell out of escrow once, they’re not changing public status of the property until DD is fully sealed and/or cleared for closing. Old neighbors of ours think it’s because they’re steadfast in selling at that price because of our house being the same footprint but the other one’s updates net a higher price (other house buyers far overpaid with no contingencies at 1800sq ft smaller and older mechanicals/ roof - I actually feel bad for them.)

Houses don’t stay available on the MLS for more than 3-4 days here unless they are ridiculously overpriced or have a major deterrent. This is in a highly desirable area within the zip code 30075. What is going on here?

submitted by /u/Mooseandagoose
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/n05422/highest_priced_home_on_the_block_fell_out_of/
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