“He Who Adjusts Least Adjusts Best” When it comes to pricing a home off of Comp’s (“Comparable Sold Properties”), the trick is to minimize both the number and absolute magnitude of the adjustments. The ideal would be a condo identical to its peers in every respect — floor plan, size, condition, location, market conditions, etc....Read More
Why “Just Previewing” Serves Sellers’ Interests A Realtor showing is when a Realtor takes their client — a prospective Buyer (or one would certainly hope!) — through a “For Sale” home. No competing Sunday open house traffic, no busybody listing agent (representing the owner) present, and — perhaps most importantly — no owner around. The convention is to set...Read More
“Good,” “Better,” and “Best” One of the key services performed by Realtors for clients is analyzing a home’s fair market value. Buyers’ agents do that analysis — called a CMA, or “Comparative Market Analysis” — to help clients determine how much to offer for a home; listing agents go through the same process to help...Read More
The Goldilocks Approach As I’ve discussed in previous posts, the essence of pricing real estate is what’s called “bracketing.” (See, “Bracketing,” Explained“; and “Why the Neighbor’s House Usually Isn’t a Comp“). Translation: you need to find a home that’s just above the home you’re trying to price (called the “subject property”) and one that’s just...Read More
Comparing Honey Crisps to Braeburns One of the more quizzical looks Realtors get is when they (try to) explain to a prospective home Seller that their neighbor’s house isn’t a “Comp” (Comparable Sold Property) for pricing theirs. For the uninitiated, a Comp is one of the three homes Realtors and appraisers use to determine fair market value; once...Read More
“MLS Show & Sell Tell”: When a Calendar Isn’t Just a Calendar [Editor’s Note: The views expressed here are solely those of Ross Kaplan, and do not represent Edina Realty, Berkshire Hathaway, or any other entity referenced.] “Tell” /tel/ Noun: (especially in poker) an unconscious action that is thought to betray an attempted deception. –Dictionary...Read More
