“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
Advantage: Incumbent Realtor Want one more reason to hire the seasoned, local Realtor (vs., say, your high school buddy, or your first cousin’s best friend’s uncle?). Not only will they get you the best possible deal in today’s fast-paced housing market — but they may very well save it once it progresses to the critical...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
“What You’re OK With If You Get It . . . . & What You’re OK With If You Don’t” In my 15+ years selling residential real estate, perhaps the most fraught question I’ve fielded from clients has to do with multiple offers. Specifically, it’s stressed Buyers beseeching me, “What the $%#@! do I offer?”...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
The Art of Doing Comp’s Want the science art of Comp’s (for “Comparable Sold Properties”) in a nutshell? It’s placing a given (“subject”) property on a continuum, between the home just below it in price, and the one immediately above. What could be simpler, right? “This and That” Ahhh, but which two homes are those...Read More
