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(IL) Confusing price history on townhouse

Very confused and unsure of how to proceed. Hoping someone with a bit more experience will have some advice.

For the last year or so I've been looking for a townhouse around $250k-ish. I'm not in a huge rush to move so I've narrowed my search to a handful of areas that I like. Recently, I came across a townhouse in one of these areas that was slightly out of my price range ($265k) so I saved it in case the price dropped. The price was reduced so I contacted my real estate agent and went to see it earlier today. I liked the house so while I was grabbing a drink with a couple friends I decided to show them the listing to see what they thought. For whatever reason, I googled the address rather than clicking the link in my email and I ended up on a Zillow page for the same property but it was from when it was sold November 2021 for $165k. I was a bit confused since comps in that area are selling in the 250 to 280 range.

This led me to take a look at the price history when I got home.

  • Originally listed for $260k in April 2021.

  • In and out of contingency 3 times between April and November.

  • Listed as contingent November 2021 at $215k

  • Listed as sold 15 days later for $165k

  • Re-listed early October 2022 at $279k

  • In and out of contingency 1 time since being relisted

  • Down to $259k as of today

I've considered it may be a flip, but I would expect to see something different. I looked at the photos to compare to what it looks like now and nothing major has been changed. Kitchen and bathrooms all exactly the same. In fact, the only thing different is some wallpaper was removed from a stairwell and replaced with a fresh coat of paint. I'm assuming that if someone bought the place and did some major repairs that it would be listed in the home description since I frequently see listings talking about the brand new roof, newly remodeled bathrooms, etc.

I'm familiar with the cost of renovations in my area... I can't think of anything that isn't extremely major that would cause someone to accept an offer of $50k (almost 25%) less than what the home was listed at. Especially on a townhouse of this size. For further context, homes in my area were selling for 10-15% over asking price a few months ago - usually days after being listed. This one sold for $95k less than it's original listing price.

Should I be alarmed by any or all of this? Enough to run? If so, should I be concerned that my real estate agent didn't notice or mention anything about this?

I realize I may be overthinking the whole thing so literally any advice is appreciated!

submitted by /u/CreAmmm
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source https://www.reddit.com/r/RealEstate/comments/z7mzoa/il_confusing_price_history_on_townhouse/
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