September 22nd
Uncategorized

Trying to Comp Reality

When working with sellers, the conversation usually comes around to value. Naturally, they want the optimum price for their home. They might mention a couple of homes in their neighborhood that have been on the market recently. In discussing current market trends and activity, they might feel that their home was as good as or […]

When working with sellers, the conversation usually comes around to value. Naturally, they want the optimum price for their home. They might mention a couple of homes in their neighborhood that have been on the market recently. In discussing current market trends and activity, they might feel that their home was as good as or perhaps better than each of the comparable properties. They never see the insides of those homes.

But there’s nothing better for comparison than reality — that’s my favorite part of this puzzle — because no matter how much time, money and energy you invest in researching and preparing your home for sale, the reality is what the market will bear. For what price did comparable properties sell?

I always encourage sellers to get away from the computer. Each week I send them a list of properties currently on the market in their neighborhood. I advise them to go to the open houses and see how other sellers show their home. (In the meantime, I have seen all the same properties on broker’s tour so that I am ready for the discussion.)  I then ask: What impressions did you get from the properties that are for sale in the area? How did you feel about the price and physical condition? How does your property compare or how is it better?

Together we track the activity for these properties. And when these homes sell we can discuss what was similar to their home, what was different and what the value for their home might “really” be.


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