Tag

comparable sold property

Why I Don’t Price Other Realtors’ Listings

Real Estate’s “Heisenberg Uncertainty Principle” The observer influences the thing observed. –Heisenberg uncertainty principle It seems self-explanatory, but as a principle, I don’t price other Realtors’ listings. The issue usually comes up when I do a listing presentation — essentially, a job interview for Realtors. In the course of interviewing Realtors, homeowners (and prospective Sellers)...
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When the Comp’s Are "Thin" — Or Non-Existent

“Active’s” Loom Larger in Pricing Decisions Realtors and Appraisers alike rely on “Comp’s” — comparable sold properties — to estimate fair market value for any given home. By definition, a Comp is similar in style, condition, and size as the “subject property” (the one you’re trying to price); is physically nearby; and has sold in...
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Seller’s Comp’s vs. Buyer’s Comp’s

“East is East and West is West” From experience, here are two good rules of real estate negotiation: Rule #1. Never argue the “comp’s” with the other side. A comp, or comparable sold property, is a similar, nearby home that has sold recently. To determine fair market value, Realtors and appraisers alike typically look for...
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Today’s Sellers: Biting Two Bullets

Two Bullets Would-be Sellers of upper brackets homes now — the slowest part of today’s housing market — often have to bite not one but two bullets. The first is pricing their home consistently with “the comp’s”: similar, nearby homes that have sold recently. In fact, better than the comp’s, depending on what’s currently active...
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Picking Comp’s: Vertical or Horizontal?

What’s it Worth? Who Wants to Know? Pricing well is one of the most important skills a Realtor brings to the table. In turn, that depends on knowing which “comp’s,” or comparable sold properties, to choose. As defined by both Realtors and appraisers, the comp’s are the three homes most similar to the “subject property”...
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Obamas’ Hyde Park Home

Now That’s a Tough Comp Not since Richard M. Nixon lived in a New York City apartment has the market tried to assess the value of immediate proximity to the president in a dense, urban neighborhood. —Susan Saulny, “Hyde Park House for Sale Comes With a View: The Obamas; The NY Times (9/15/09) As I’ve...
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