When buyers find a home they like there are two questions that many of them ask – where is the seller going and what did they pay? Where is the seller going is a personal piece of information that not all sellers are willing to share or may not know…I am not sure why a buyer would be curious about this but they are.
What did they pay? Well not sure this impacts the house currently, the real estate market may have been up when they bought or down, they could have gotten a really good price because their seller relocated or had some other life event that let them sell the house for a lower price or maybe they paid a high price because they just loved the house were willing to pay over asking. Just knowing how much a house sold for doesn’t tell you the circumstances….a house is worth what the current market would bear and what a buyer will pay.
Having your Realtor do a current market analysis by comparing this house to comparable houses in the area that sold within the last 6 months or so is how to determine what a house should ask or what a buyer should pay…however it isn’t an exact science which is why you see price reductions and that some houses sell for less than their asking price – ultimately a buyer will set the price.