Q: Is there a way to find out how much a house sold for before it actually settles? My agent gave me comparables that are really low, and he wants me to reduce the price of mine. I’m not going to give my house away. I need to know how much the end price for some nearby homes that are under contract before I give in to him.
A: There is no data to pull up on the sold price of a home that is under contract. The only way to find out is to either knock on the door and ask the sellers or ask the agent who sold the property. And you might not get an answer from the agent.
Savvy agents are usually careful to protect such information. If an agreement of sale should fall through on a property, they do not want the previously agreed upon price floating out there for anyone to know and use against them on a future offer. They are cautious to reveal this type of information to anyone until it settles.
Your real estate is providing you with the service you are ultimately not paying him for until your home sells. Part of that service is to interpret the market. Agents don’t get paid at all to simply list properties. They only get paid to sell them. If he thinks you need to reduce your price to sell it, and the comparables prove him right, and if you really do want to sell your home, reduce.
Don’t forget, besides not being able to find a willing buyer, there are appraisal issues with overpriced homes as well. If you’re not willing to reduce your price based on the information your agent provides you with, then you just might find out what those other pending homes sale price was when your home is still on the market after they’re sold.
Stacey McCarthy is a real estate agent with the McCarthy Group of Keller Williams. Her Real NEastate column appears every Wednesday on NEastPhilly.com. See others here. Read other NEast Philly columns here.