Price Increases on Resale?

A

Arman

Active member
I don't understand price increases on resale homes that have already been on the market for a period of time.

Take https://www.redfin.com/CA/Irvine/23-Plymouth-92620/home/4779149

Went on the market 12 days ago at $1.985 million, today increased to $2.199 million, an increase of $214K. Why? If they've had offers above asking, just accept one of those offers. Why do they formally increase the price? I don't understand why someone would increase the price by about 10% after a home has been on the market for almost 2 weeks. Any thoughts?
 
The fastest and most accurate answer would be by asking the listing agent himself, but we can assume couple possibilities since we see this kind of price adjustments here and there.

a) The seller is clearing trying to flip this property and there must've been quite a bit of costs renovating. Both the interiors and exteriors look really nice, the home feels like a model home so there could have been some overspending and the seller could have decided to make up that over spent budget by raising the asking price.

b) Since the home looks really nice, there could have been much interests or even multiple offers so now they're just adjusting the price higher to the amount some offers were willing to make.

c) No one cared about the property and now they just increased the price wishing some dude overseas will buy with cash.

d) The seller and the listing agent just can't seem to agree on the price so they just keep changing.

e) Who knows?
 
Last edited:
f) The seller saw my analysis that Northwood High has a 11.7% acceptance rate for UCLA which is higher than SAGE @ 11.11% and raised the price yesterday.
 
zubs said:
f) The seller saw my analysis that Northwood High has a 11.7% acceptance rate for UCLA which is higher than SAGE @ 11.11% and raised the price yesterday.
Click to expand...
LOL

My son chose Beckman over Northwood because they have more STEM and AP class offers. I told him he shouldve let me know. I couldve saved couple hundred thousand $ buying in TUSD area. 😀
 
How about Crean? I know some people send their high school kids there since it would be less competitive academically to get into better college.
 
Mety said:
How about Crean? I know some people send their high school kids there since it would be less competitive academically to get into better college.
Click to expand...
It’s a religious school more known for sports. I doubt the Asian attendance figure is very high.

A funny story: one of my closest friends lives in Newport and when their kids were little started them at Anderson Elementary which they quickly realized was full of not so bright kids. I told him they should have bought in TR for Uni but they’re into the prestige of Newport. They’re also white. They sent the kids to a private elementary/middle school called Pegasus and then Sage. Both excelled at Sage and are doing very well at prestigious CA schools, which I would hope to be the case after spending >$0.5M on schools pre-college.
 
OCtoSV said:
It’s a religious school more known for sports. I doubt the Asian attendance figure is very high.

A funny story: one of my closest friends lives in Newport and when their kids were little started them at Anderson Elementary which they quickly realized was full of not so bright kids. I told him they should have bought in TR for Uni but they’re into the prestige of Newport. They’re also white. They sent the kids to a private elementary/middle school called Pegasus and then Sage. Both excelled at Sage and are doing very well at prestigious CA schools, which I would hope to be the case after spending >$0.5M on schools pre-college.
Click to expand...
The need to have a Newport address is funny sometimes. Many eons ago, I went to Uni for high school, and we had many kids from Newport Coast and the Port Streets that went to our school. Like why not just buy in Turtle Rock/Ridge then? Clearly they don't love their public schools.
 
irviniteeee said:
The need to have a Newport address is funny sometimes. Many eons ago, I went to Uni for high school, and we had many kids from Newport Coast and the Port Streets that went to our school. Like why not just buy in Turtle Rock/Ridge then? Clearly they don't love their public schools.
Click to expand...
Probably because they value living near a beach and not so much the school district.
 
OCtoSV said:
It’s a religious school more known for sports. I doubt the Asian attendance figure is very high.

A funny story: one of my closest friends lives in Newport and when their kids were little started them at Anderson Elementary which they quickly realized was full of not so bright kids. I told him they should have bought in TR for Uni but they’re into the prestige of Newport. They’re also white. They sent the kids to a private elementary/middle school called Pegasus and then Sage. Both excelled at Sage and are doing very well at prestigious CA schools, which I would hope to be the case after spending >$0.5M on schools pre-college.
Click to expand...
I mean how is that any different than people here talking about how prestige Irvine is compared to Tustin/LF? TBH there is no issue spending 0.5m in pre-college tuition if that's their value. It's honestly better than people in Irvine paying MR to take their kids to a public school. If one truly values education, the approach would be to take them to private, not pay a premium for a public school.
 
Melvin Gordon (NFL Player) lived in Irvine. His house in Altair is actually currently for sale.
Keenan Allen, who plays for the LA Chargers, lives in Tustin (Greenwood).
 
Last edited:
You must log in or register to reply here.
Back
Top