Comps don’t comp, now what?
In our city, everyone seems dead set on price per sq ft as comps with almost no budging for higher quality or more desirable location. Local comps inside our individual community are $218/ft. Our asking price goes to $235/ft. A home of almost same size, less desirable features, nearby but not in our complex (an inferior one close to the freeway and no landscaping) just closed at $260/ft.
We keep being told “it won’t appraise due to the comps.” But the comps don’t comp! They are strictly looking at December/January sales right here and refuse to budge for today’s market.
Currently there are ZERO homes in the general desirable area surrounding us within the price our home sits. If we list at suggested comp price that puts our listing at or even below the nearby extremely inferior properties by any standards. The other options are all much more expensive.
Our home has desirable upgraded interior features along with views and lot location desirability. (End of cul de sac with views and open space, no neighbor on that side) But the bids are coming in for low offers under the excuse of comps.
What’s going on here?!? How do buyers expect us to sell a superior house at ugly home pricing?