I have to share this story with you all!! I recently met a lovely couple at an open house in the West Loop. They were scanning the place and comparing room sizes to their condo down the street . When I asked them if they liked the place, they quickly replied, ” Oh, we are not buying, just trying hard to sell our place.” They told me that they had just purchased 8 months ago and they bought the 1st place they saw without a Realtor®. But, a new job was forcing them to move to California. Unfortunately, a few other units in their building were also on the market and priced 30K under their list price. All the units in the building were pretty much the same size and had the similiar finishes. They said they were “priced right” and that the other units were really hurting the values of the building.

After getting home that night, I was curious to see their building and the different units for sale.
I also pulled up records to see how much they purchased the unit for 8 months ago. They paid 360 K for it and had it currently listed fro 379K. Ok, doesn’t seem too overpriced. But wait, a similiar unit had just sold 2 months before they purchased and it had sold for 310K. Ouch!
Looks like they overpaid by 40-50K. No wonder other units are priced 30K under theirs.

I really wish they would have used a buyer’s agent. A buyer’s agent looks out for the purchaser’s interests. It sounds like the listing agent pushed them to do the deal: the unit was listed for 360K and they paid 360K. Maybe they thought a buyer’s agent would cost them more money or maybe their emotions took over or maybe the listing agent said there were multiple offers.
Who knows? All I can say is that having representation can save you time and money. A true buyer’s agent can help you find the right place for the right money and not cost you a penny.