This is a statement that most sellers Do Not want to hear. However, it is a statement that you need to understand if you are going to compete in today's market place to sell your home. The market is flooded with bank owned foreclosures (REO's) and Short Sales. The problem isn't so much the inventory percentage as it is the pricing. The banks are pricing these properties to move quickly. The banks are already taking a huge loss on these homes and every day they continue to sit on the market it costs them more. They are not giving them away, but they are pricing them to motivate buyers and sellers to come off the fence and rightly so...they are!
You need honest solid information, if you are going compete with these distressed properties. The LAST thing you need is a Realtor or Broker who is going to inflate the value of your home to try and get the listings. Some agents will take any listings to gain exposure for themselves and their companies. They know your home will probably not sell, but if they can get a few calls on it from prospective buyers, then show those buyers a better deal, then they might eventually get compensated for it indirectly from your listing. This does you absolutely NO good! It actually hurts you! The first two weeks of a listing is the most crucial time. It is when your home will be presented to hundreds of agents and thousands of potential buyers for the very first time. If you come out of the gate over inflated and overvalued then that stigmatism will stick with you for the remainder of your listing. Then as you make incremental price reductions you will be chasing the market down. We have seen this time and time again and it really takes a toll on the sellers and is very frustrating for them. One of the best things your Agent can do is, Give it to you Straight! We here at Merrill & Associates Real Estate want our sellers to make informed decisions. We want them to have all the tools and historical data to make an informed decision. We provide our potential listing clients with the most current "comparable" data possible. We don't cherry pick our data to make it look attractive to you. We want you to have the real data and be able to base your decisions on the hard statistical "SOLD" data.
We will help you determine what attributes of your home will command a higher price. Perhaps your location, school district, lot characteristics, upgrades, amenities, and features will add to your value. We can help you determine what characteristics about your home will help you command a higher price. We will also suggest things that you might be able to do to make your home stand out among the plethora of distressed properties. We work very hard to make sure your home is marketed and presented in a manner to attract the qualified buyers who are willing, ready, and able to make a good offer on your home.
Probably the single most useful tool you can have when evaluating your homes value is a great CMA. Not all CMA's from all agents are the same. You need a comprehensive, well researched, detailed CMA from an experienced Realtor. Your CMA should include all recent comparable sales and listings, including bank owned properties, short sales, and even contingent or pending properties. These categories should be broken out and detailed individually so that you can evaluate them separately. You really need to know what your SOLD competition is versus your Active Competition versus what is in Escrow. These reports will help you determine what the market price is for your home. A good buyers agent will be providing this information to their buyers when they present an offer. The more accurate and supporting your CMA information the more negotiating power your Realtor will have in the counter offer phases. We here at Merrill & Associates Real Estate are experts in this field of compiling data and researching our local markets when preparing our Custom CMA's. We not only use our MLS data but we also use our exclusive analytical data gathered from our web sites. Our multiple websites get hundreds of thousands of visits and we are constantly compiling data about buyer trends. Our Custom CMA's include all this analytical data to help you really understand how buyers are looking for real estate in our area and how they can find your listing.
We would be happy to provide you our Custom CMA on your property. We provide this service free to our clients. If you would like to make an appointment to have a CMA done or speak with an agent about the value of your home, please contact us . Just mention you are wanting a Free CMA and an agent will contact you promptly.