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property valuation: Are You An Average Realtor? - 10/24/11 06:09 PM
Many Realtors when determining the value of a property utilize the Average Cost per Square Foot Method. Simple enough. You pull up the neighborhood on MLS, pull the sales for the last six months or so. Do the math to determine what the average price per foot for the sales comes to then you apply that number to the square footage of the home .. Bingo you have the answer. A third grade mathematics exercise that Realtors trust to be the best way to determine the price a home is worth.
What if I were to tell you that … (15 comments)
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property valuation: Piecing a CMA Together - 03/07/11 06:56 PM
Keep it simple .. always a great rule of thumb as you are explaining parts of the process of real estate to your clients. The explanation on how you prepared your CMA can be challenging, especially if you do not have a seasoned buyer/seller. To avoid the blank stares and engage them into a visual understanding, I came up with an analogy that I use when I teach CMA classes as well as discuss with clients.
Picture that all aspects of your home are like a Jigsaw Puzzle. Each piece represents an intricate part/amenity regarding your property and it … (6 comments)
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property valuation: Biggest Pricing Challenge ... Zillow - 02/03/11 06:48 PM
Zillow
It's easy, it's popular, click here and bingo your home value is Zillow Magic Price appears. As a listing agent I find that is one of my major challenges .. offers submitted where the agent & the buyer have gone to Zillow, the crystal ball with all the answers.
Don't get me wrong, I think Zillow offers a great opportunity for agents to obtain business and has done an exceptional job of forging a presence on the Internet with a huge following. Kudos for excellent marketing! It is a presence I have just not felt drawn to because … (11 comments)
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property valuation: Preparing a CMA - Is the Home Vanilla, Chocolate or a Swril? - 01/19/11 04:49 PM
Many CMAs prepared by Realtors value the property by the Average Price Per Square Foot Method. The key word to focus on is AVERAGE. This type of valuation assumes the home is average and just like the typical home found in the neighborhood/area.
What if ...
The property has been highly remodeled? The home backs/fronts a negative influence like a traffic carrier street? The lot has a view amenity i.e. golf course, greenbelt, lake, heavy trees? The home is a total redo? A stigma like an unnatural death has occurred at the home? Some improvements/quality added features are present. The … (13 comments)
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property valuation: Hey Appraiser, How Much Value Should I Give for a Pool? - 04/21/09 06:39 PM
A question I get at least once a week. A huge pat on the back for thinking in terms of adjustments and not a price per foot. To properly answer this question I would need to ask additional questions.
What price range home? Describe the pool, is it a gunite, diving, play pool, have a spa? Age of the pool? Condition of the pool? Features (water fall, fountain, etc.) Construction ... does it have stone surrounds, aggregate decking, etc.? Is the pool over built or under built for the price level? The answer is not a simple one and Realtors need … (14 comments)
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property valuation: How Realtors Need to Prepare for the New FHA Appraisal Changes - 03/28/09 02:16 PM
With every challenge to our real estate industry comes waves of changes. Some very much needed and some just plain knee jerks reactionary. One given, as time passes and today's whoas become yesterdays reflections, changes of flexibility will take place. For now, while in the moment of heat, the rules have tightened and more strict practices have been implemented. We need to learn to accept this is the plate that has been dealt and now how best we can embrace and prepare.
I am one of those rare breeds, a full time Realtor, but by past background of 14 years … (9 comments)
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Connie Goodrich,CRS ABR (McKinney Realtor)Texas
McKinney,
TX
More about me…
Keller Williams Realty
Address: 6951 W. Virginia Parkway, Suite 100, McKinney, TX, 75071
Office Phone: (972) 562-8883
Cell Phone: (214) 906-7547
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