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Monday, October 18, 2010

South Bryn Mawr Multiple Offers?

Blast from the Past

In a sluggish market, the sale -- just posted on MLS on Friday -- caught my eye: a South Bryn Mawr Colonial listed for $424,900 sold for almost $50k above that. After two months on the market!

That didn't compute, for 3 reasons: 1) there's a lot of inventory in Bryn Mawr at that price point at the moment; 2) the house -- with 3 Bedrooms and only 1,700 square feet -- didn't appear to be dramatically underpriced; and 3) it had already been on the market for two months.

As I've written before, multiple offers usually occur either right away, or, after way too much market time (and accompanying price reductions), to the point where the home is substantially undervalued, and can actually enjoy a price "bounce," courtesy of multiple offers.

Neither of those scenarios applied here.

The explanation?

Clerical error, confirmed by the listing agent (and corrected this am).

In fact, the home sold for just a little under the $424,900 asking price.

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