Jeffrey Bennett

In general I agree you have to use the most local comps possible, since that is what showing agents and -- even more importantly -- appraisers, will do. Appraisers have recently shortened their time frame a bit. 6 months used to be OK; now they want 4 months. If nothing has sold in that time frame, you would have to use Ross comps, though with area adjustment.

Unfortunately, having the best house on the block is unfavorable for getting a "Ross" price. You may be a victim of what's called "price regression." Essentially, the lesser homes around you pull down your property value. Conversely, if you have the smallest house on the block, the opposite phenomenon (price promotion) can bring the value up somewhat. (Unless there is a *big* difference, in which case it's not worth much at all, as they will tear down your house to build a bigger one :-)

The zip code doesn't really matter (it's not 90210 :-). The school district may be relevant, but as you point out, it doesn't discriminate well between Ross and West View. I live in Ross, and there are two districts here: North Hills and North Allegheny. NA is thought by some to be better (it's certainly bigger), but others swear by NH. Both have advantages and disadvantages, but I don't think it's a major factor for you. (It depends on the buyer anyway; empty nesters or people who don't plan on children don't care as much, or only for resale value and taxes.)

This is not the market to be overpriced in. With your home's superior amenities, you should definitely be at the top of the West View range, and there may be buyers who need West View and would appreciate them. As with any listing, you should have action immediately, second showings within 2-3 weeks, and an offer in 30 days if it's priced at market value.

If you price it too far above "superficially comparable" homes (i.e., those with the same bedroom/bath count), you risk being "off the radar" of agents showing homes in West View. Buyers will come in looking for, say, 100-125, and if you're 140 you won't show up in the MLS searches, and so won't get showings -- even though you "deserve" them. Whereas buyers looking in Ross for 125-175 might be thrilled to find yours near the bottom of their range -- but you have to hope their agent includes West View along with Ross. (City agents might not.)

Unfortunately the tools we use work against us sometimes, and it's necessary to consider such practical/technical considerations as well when determining list price. (Agents have been known to "accidentally" list properties in adjacent, more favorable locations, in order to "game" the MLS searches. "Regent Square" is a notorious example of this.)

Good luck! - Thu Dec 3 2009, 19:04