Home Selling in 63383>Question Details

Frank, Both Buyer and Seller in 63383

I have a nice older home with new detached workshop/garage. The realtors I have interviewed had a very wide

Asked by Frank, 63383 Fri May 2, 2008

range of comps. How can I tell which were the most accurate

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Frank,

Hi! It is really hard to come up with an accurate price for your home if it is not in a subdivision or area with the same houses. Here in Warrenton the market has been down for a while now, with the price of gas so high and all of the repos. So if you want to price it right to sell fast maybe you can get an appraisal on your house. That would be the most accurate. If you need a name of a good appraiser let me know. I am a full time REALTOR and live in 63383 so if I can be of further assistance please let me know. Good Luck with your home.
0 votes Thank Flag Link Fri May 2, 2008
there are a lot of variables that get factored in when comps are determined. It can be very difficult at times when the homes aren't "cookie cutter" to determine what the real price point is, especially in a fast changing down market. In addition, there are many agents who have a tendency to tell you what they think you want to hear, rather than what you really need to hear, because they think that if they give you a higher price point, you will be more likely to list with them, then when it doesn't sell, they will get you to drop the price at that point (also it looks really great on their records at the office if they are a higher dollar value of inventory (listings) than other agents do). Ask them to show you the comps and compare them to your home of the solds and the actives. Ask them about the Days on market (including asking them to check for comps that may have gone off the market long enough to wipe their days on market clear then come back on the market and started over again (in St Louis that's 60 days) for the different comps. Ask them about the absorption rate for the area (how many homes are sold in a month in the area? How many months supply of homes is currently on the market?) Ask them to do that for the different price points that your home might fit into, to see if at one price point homes are selling a lot faster than they area selling at a different price point. Ask them to take you on a tour of your competition. Ask them how they would market your home and make it stand out from your competition and what they expect YOU to do to your home to make it stand out from the competition. Look for experience, but also look for someone who is going to stay in touch and communicate with you when and how you want to be communicated with, and someone who is going to keep your home well marketed.
Web Reference: http://www.yourstlhome.com
0 votes Thank Flag Link Fri May 2, 2008
Frank,
There are many factors that go into determining a home's value in your area - lot size, age, home type and condition, updates and above all location. Sometimes a need for selling fast will also have to be factored into the equation - job loss, divorce, pending foreclosure, etc. The realtors should have come up with some of the same homes as each other that they consider to be similar/comparable to yours and then added or subtracted to account for differences when compared to yours. You can see for yourself what the similar homes around you have sold for by checking on my website on the google map search function and then comparing the sold properties there to yours. If you would like another analysis, I would be happy to help - contact me through my web site.
Web Reference: http://www.TerryWillis.net
0 votes Thank Flag Link Fri May 2, 2008
Frank
I do not know your local market, but in general homeowners think their homes will sell for more than they actually do.
In order to sell a home there is a process to follow. In many markets most homes are not selling. In a recent office meeting we discussed that about 20% of homes are priced right and sell within a month, leaving the other 80% to sit on the market. You do not want to be in that 80%.

Some Realtors use a strategy of suggesting a higher price so the seller will select them (we use the term "buying a listing"). So look at the comparables that they Realtors used. They should be able to explain how they arrived at the valuation. Remember though, the rule of thumb is you need to list a home plus or minus 2.5% to get it sold within 30 days, so accurate pricing is important because buyers shop in price ranges.

So in aside from 'getting the price" what othe factors are you considering when hiring the Realtor. A great question to ask is "what results do you expect once we hit the market?". And the follow up question is "What are you going to do if we do not realize these results?"

Good luck
0 votes Thank Flag Link Fri May 2, 2008
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
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Frank,look at the comprehensive market analysis. Which homes sold most recently that compare with your home? Check the square footage. Also drive around the neighborhood and look at open houses that compare with yours. Get your local paper and check the ads. If there are no recent sales in the neighborhood that compare with yours move to the local zip code. You can also look on line at Trulia and Realtor.com for more public information. A wide range of comps probably means that your home is different in some way. Try to get a look at the properties that most match yours. In today's market if there are no recent sales you need to look at active status homes. The alternative is to pay for an appraisal up front. Hope this helps some. Good luck. Cindy Vedder
0 votes Thank Flag Link Fri May 2, 2008
Frank look at the comps closest and the most similar to yours in age, square footage, condition, location.
0 votes Thank Flag Link Fri May 2, 2008
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