Yesterday a fellow agent invited me to see an upcoming listing. She wanted an opinion on what the price should be. It is a custom one-of-a-kind, although dated, house. In other words, there are no comparable sales in the neighborhood, and no comparable actives currently on the market.
Hmmm, this was no easy call. She told me she gave the sellers (two siblings from out of the area) a list price, but she was beginning to second guess herself, and wanted an opinion from someone she could trust. Okay, flattery is a good way to get me to give up a couple of hours of my time to keep my name on the short list of agents she can trust. Besides, she did not give me the list price she suggested, and being a competitive character I accepted the challenge.
Know the Neighborhood: In an area with 19 homes on the market I've seen 17 of them. This helps--no, this is essential.
Know the Recent Sales: Out of 18 sales in 2007, only four properties could be considered as possible comparisons, and they all varied significantly from the subject property. Fortunately, I saw or showed all four of those houses and sold one of them.
Know the Local Market: This particular area is weathering the market slow down well. The number of days on the market is increasing, but the prices are holding with only minor fluctuations. A quick visit to Trend Graphics confirmed and updated me on the ups and downs of the local real estate scene.
Explain the Anomalies of the Market: There was a recent price reduction of gigantic proportions. Fortunately, I knew this had nothing to do with the market, but was a personal situation and not a true indicator of a future price slide.
Know the Seller's Motivation: The agent offered up this information in our initial conversation. They're heirs. They're motivated.
The other agent is good. She should not have doubted herself. Our suggested listing prices were less than 2% apart. She left the property feeling more confident, and I couldn't wait to get back to my database to search for a possible buyer.
Norma Toering & Team RE/MAX Palos Verdes Realty
(310) 493-8333 / Office Phone: (310) 831-0800
South Bay Los Angeles cities I sell real estate and homes in: Palos Verdes Estates, Rolling Hills, Rolling Hills Estates, Rancho Palos Verdes, San Pedro, Long Beach, Torrance, Lomita, Redondo Beach, Hermosa Beach and Manhattan Beach.
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