After the meeting, we did our monthly listings tour, this time to the Northwest and Somersett. As anybody who lives out here knows… lots and lots of for sale signs, and quite frankly, I saw no real deals.

But here’s an interesting tidbit. One of the homes in Somersett backed to the golf course, was beautifully upgraded and totally vacant. The owners bought it nine months ago from an enterprising Realtor who bought it from the builder in the low fours and sold it to current owners in the high sevens after two years of ownership. Boy, did she time it right!

The current owners have been transferred by their employer. The price started in the high sevens and is now sinking into the low sevens. The relo company had it appraised twice, and the number came back twice: we’re talking high sixes, at best. Both appraisers agreed. (Rumor has it banks are looking for conservative appraisals, 15-20% below comps to preserve their position.) So the listing agent will soon be talking to the owners about a price reduction.

But you know what? The owners probably won’t care, because they are in a relo package with their employer. The employer will most likely pay any loss back to the owner as part of the deal, so really, who cares how low it needs to go to sell? The loss is a bummer for the employer, but they’re not in the business of holding overpriced houses, so this house will go for low.

Add this one to the one nearby that regular reader Gotlots found, which is essentially a bank sale… looks like some interesting opportunities coming our way for buyers in Somersett.