Real estate prices and valuations can vary quite a bit from one neighborhood to another. The fact that we have so many different housing choices means that trying to value a home by taking average sales prices from a map search, zip code or any number of automated formulas found on line can be a crap shoot. Unless you pull data from homes within the same subdivision or from “model match” properties, you may come up with an unrealistic number. It really can make a difference to have a trained eye and a real knowledge of the local real estate market when determining true value.
Many online resources such as Zillow, Yahoo, Trulia, and Realtor.com gather information from our local MLS or from other data feeds. The “problem” with some of this data is that it can be outdated or not completely accurate. Often, we find homes in an “active” status on some of these sites when the home is under contract or has sold weeks or months ago. When calculating the value of a home in an area, it is a good idea to use an experienced real estate agent so that you get updated and accurate information pulled from home sales that reflect an accurate picture of your situation. I have been selling real estate in the valley since 1992 and have extensive experience in properly pricing a home. Of the first 17 years of my real estate career, I spent 7 of them assisting many of the Valley’s major home builders with “contingency management” and consulting services. Basically, I helped these home builders ensure a contingent sale was properly priced, given the current market conditions. This kind of pricing experience can be a very valuable asset to my clients.
Let’s face it, properly pricing a home is very important. Placing a home on the market with a “let’s see what happens” attitude or missing the number all together can end up costing a home owner a lot of time, headache and money. Having an experienced and honest real estate agent at your side during the process can be a huge advantage when making key pricing decisions. Should you have any questions on the value of your home or on any aspect of the real estate business, please don’t hesitate to contact Nick Bastian today.