When I saw the listing for what would eventually become our new digs, I noticed two things: The current owner was putting it back on the market after only six months, and the price was 20% higher than it had been six months ago. Alameda's real estate had been going a little bonks that spring -- places were being snapped up within a week of being listed -- but not "20% increase in six months" bonks.
So we went to the open house to see what could possible justify this increase. Answer: Nothing. But I was dying to find out the logic behind the listing, so I asked the agent, who was playing Angry Birds on her phone rather than talking to any of the 20 people milling about, what was up.
"I noticed the price is 20% higher, despite the market only trending up 4% year over year," I started. "So what sort of value's been added to this house to justify the increase?"
Without even looking up from her phone, the agent said, "She painted."
"Were there diamonds ground into the paint?" I said. "You're asking $80,000 more than the prior sales price. What else was done?"
The agent rolled her eyes and sighed before saying, "The bathroom was refreshed too."
"Refreshed?" I asked. "What does that even mean?"
"Things were upgraded. It was resurfaced."
Reader, we were warned. And we bought anyway.