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Highest closed price in neighborhood

I see so many people lost about FOMO. I had this feeling once; we really had a hard time buying a house we were outbid 6 times before and we knew if we wanted this house we needed to bid high. We went in $15k over asking price. We did not view the property until after we went under contract. We knew it had the location, size and backyard we wanted. It also had bonus features like a garage and some updates including major systems, new floors and a few other upgrades. After stepping inside the house we knew it needed more updates and before moving in we spent two long weeks updating it; all new paint, light fixtures, bathroom mirrors, door hardware etc. the bright blue cabinets and pink color downstairs were gone. The house is much more our style now however as I look around at sales in this exact neighborhood I realize what was in front of our eyes before: we’ve paid $30k more than anyone else… these homes are all the same sq footage and layout some are completely updated others haven’t been at all.

My realtor pointed out a few things:

-the last sale in this 55 unit townhome community was 5 months before ours and the last sale before that was 7 months before ours; these units don’t sell often. -our unit backs up to wet lands the last two sales backed up to commercial lots including a gas station and fast food restaurant. -our unit did need some cosmetics to get it where we wanted it but it had been updated. -the house appraisal was $10k more than we paid and the market is rising. -similar homes around our neighborhood are selling higher or at least seem that way bc there are more turnover; these homes have more longevity and many of the owners have lived here since built in 2007. -the area continues to grow and our value will go up…

We plan on being here a while it’s just nerve racking my realtor said stop looking at sales for a while and focus on continuing to do little things to our place.

Thoughts?

submitted by /u/forthepeace86
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/rmxgo3/highest_closed_price_in_neighborhood/
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