Comments on: Comps: An Experiment in Pricing

By: Paul

Paul — Tue, 01 Sep 2009 13:57:35 +0000

I’d say the house is in the 225-249k range.

By: Ralph D Bredahl

Ralph D Bredahl — Sat, 29 Aug 2009 15:36:15 +0000

The worst is when a unrepresented buyer wants to offer on one of my listings and expects a discount because I don’t have a cobroke.
The truth is my work triples when I have to work with a amatur

By: Mike Cromie

Mike Cromie — Fri, 28 Aug 2009 15:56:03 +0000

Great post, Dawn. I too am a Realtor and agree with Christopher - going to physically see the competition is important when pricing. It’s more of an art than a science.

By: Lawyer Girl

Lawyer Girl — Thu, 27 Aug 2009 15:10:17 +0000

Try being a lawyer!

By: Mark Anderson

Mark Anderson — Wed, 26 Aug 2009 03:27:52 +0000

THAT is how you make a point!

The problem of perception is one that is difficult to overcome for Realtors. Most folks simply don’t understand what is is that you all do and, moreover, the difference between a good agent and a bad one.

By: Christopher Thiemet

Christopher Thiemet — Wed, 26 Aug 2009 03:25:18 +0000

Dawn, I think this exercise is great to illustrate the points you’re trying to make. You’re spot-on: not all consumers need or even SHOULD use the services of a REALTOR. However, as a whole, I do think that real estate agents get a bum rap — the syndrome of a few rotten apples spoiling the batch. In my personal business as a real estate agent, I take the role of a consultant. We’re not “used car salesmen”. We’re followers and interpreters of the market. We are truly “beating the street” on a daily basis, which is the only way to be able to stay up with the sales history, the trends, the things buyers are saying about properties… heck, even being able to say that we were inside and personally viewed many of the comps that are listed on your example above proves to be almost invaluable when trying to decipher how that data positions your own house’s value when thinking of selling.

To answer your question, what is this property worth now? I have no clue! It would require, first of all, a visit to this home. And likely a visit to the competing properties that are in the area. And then a true study of the details of the comps… likely even some phone calls to those agents who listed thos ehomes to get more details than we can siphon from the MLS data. And then of course, a home’s value also depends on how well it fits the needs of the potential buyer — I can’t tell you how many times one of my listings would get a “condition = poor” and “pricing opinion = WAY over priced” feedback from 3 agents, and then the next agent who showed it, their buyer loved it and paid full asking price. Value is in the eye of the beholder. The realtor is there to help them understand trends and avoid pitfalls in resalability issues, etc.

Great topic! I’m anxious to hear more of the public’s feedback… bottom line: real estate agents should be viewed as a profession as CONSULTANTS not SALESPERSONS.

By: jdxpl

jdxpl — Wed, 26 Aug 2009 01:52:31 +0000

85% of STLtoday commentors are brain-dead. Seriously, one step up from a spam bot.

By: Stacey Rynders

Stacey Rynders — Wed, 26 Aug 2009 00:13:59 +0000

Since I’m not a regular home purchaser, I found the experience of a Realtor invaluable both times that I’ve purchased property. One was for rental and the other for personal use. Both were quite different structurally and without my Realtor, I don’t think I would have made a wise investment. In both cases, I felt satisfied with what I paid, felt that my Realtor truly guided me through complicated processes of the negotiations - essentially alleviating the stress and headaches during a very chaotic schedule for me - and both investments are on target for profiting despite the economy. I would HIGHLY recommend the use of an experienced Realtor with expertise in the neighborhoods in which you are shopping.

By: Tracie

Tracie — Tue, 25 Aug 2009 20:51:42 +0000

When looking to purchase a home, I intentionally avoided homes that were For Sale By Owner. I didn’t want to deal with the hassle of someone that was already trying to game the system by not using an agent, nor did I want my agent to have to do more work for which they would not be compensated because the seller either didn’t respect or understand the work realtors do.

Honestly, these homes just seemed like potential powder kegs to me. It was awkward enough looking at a house when the seller was in it, I can’t imagine dealing directly with the seller to negotiate the deal.

Also, I’m pretty sure your house is not listed in MLS if it is for sale by owner, which is how I think most purchasers and/or agents look for homes.