Surefire Signs How does a Realtor tell if a home they’re listing is primed to sell? (see also, “Listings and Pots of Water“; “Buyer Feedback: ‘Win, Place, or Show'”). The starting point is their own knowledge of the home relative to nearby, competing homes — as well as the Comp’s (“Comparable Sold Properties”). To sell...Read More
Why It’s Smart to Be Nice to Appraisers As I’ve written previously (“Appraisers vs. Realtors vs. Trulia“), Realtors active in an area will often field calls from appraisers trying to establish the value of similar, nearby homes. Whether the bank they’re working for is considering a new mortgage or refinancing an existing one, the questions...Read More
Appraisers vs. Realtors vs. Trulia “257-0”. That’s the number of times — including twice just this morning — that I’ve been called by appraisers wanting the “scoop” on a property I’ve sold, vs. the number of times I’ve called an appraiser to find out the same. Which makes sense: as the listing agent, I’m thoroughly acquainted...Read More
The Utility of “Negative” Information If the 4 Bedroom, 3 Bath 1945 Colonial three blocks away from you just sold for $650,000, that’s probably a good starting point for pricing your 4 Bedroom, 3 Bath 1945 Colonial. But what if the neighbor’s Colonial was on the market for six months at $650,000, and didn’t sell — perhaps even after dropping in price to $624,900, and...Read More
The Limits of Statisticsin Valuing HomesIt’s only Wednesday, and I’ve already fielded three calls this week from appraisers wanting “scoop” on recent, closed sales that I’ve handled. A year-end pick-up in deals? Well, that, too. However, in each case the appraiser was working on a refinancing application. To approve the new loan, the lender needed...Read More
List Price = $800k, Tax Value = $400k As I’ve written previously, a home’s tax assessed value isn’t particularly relevant for establishing a home’s actual, what-will-it-sell-for market value. Rather, fair market value is determined by: a) scrutinizing the comp’s, or comparable sold properties, to set a list price; then b) testing it on the market....Read More
