What are these estimates based on? The house on the corner with no property is estimated higher than the property next to it with more square footage

Asked by makattack360, Akron, OH Fri May 17, 2013

This question was asked from http://www.trulia.com/property/3094666668-141-Storer-Ave-Akr…

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Christine, Home Buyer, Richfield, OH
Thu May 30, 2013
This home was a short sale in Richfield
0 votes
Ron Thomas, Agent, Fresno, CA
Fri May 17, 2013
Understand that the LISTING PRICE has one primary objective, to attract attention: It is not intended to be set in stone, and in many cases it is not even a good guideline toward the SELLING PRICE.
Some Sellers believe that by setting the LISTING PRICE high, they can always come down, and people will make an offer anyway: WRONG! Buyers will just bypass the property and look at houses that are within their price range. And six months from now, the Seller will slowly start lowering the PRICE, (this is called “chasing the curve”) and Buyers will be asking the question; “What’s wrong with that house?” and “Why has it been on the Market so long?”
Other Sellers set the LISTING PRICE low, to attract multiple offers. (The correct strategy.) We are asked; “Aren’t you obligated to sell at this price if someone offers it?” The answer is probably not; for that to happen, you would first have to have only one offer, and secondly, the offer would have be exactly the same, down to the smallest detail, (please discuss this with your Realtor).
Another thought; Buyer will search for potential properties by groups; for example, $400,000 to $450,000, and $250,000 to $300,000. If your house is priced at $460,000 or $310,000, the Buyers will never see it. (something else to discuss with your Agent.)
Different Banks have different philosophies about pricing their properties: You cannot draw any conclusions without a good analysis.
Have your Realtor do a CMA, (Comparative Market Analysis) to help you determine your Offering Price. It is the surest way to determine the Market Value of the property.
0 votes
James Gordon…, Agent, Hamilton, OH
Fri May 17, 2013
This is not an estimate but a property listed for sale .
0 votes
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