The Numbers Can't Lie

Reblogger Jean Terry

Real Estate Agent with Keller Williams Realty Spartanburg, S.C.

September 23, 2009 05:13 PM

Great post on numbers..

One of the hardest things in this profession is getting seller's to understand the true market value of their home. Every seller thinks that their house is worth more than it actually is. I know that all of you deal with this mentality on a dialy basis. Sellers go off and make improvements and additions that they think are wonderful and that they like and hopefully that they will enjoy ~ because so many times they have made bad choices, used bad colors and are not going to get any return on the money they have spent.

The market numbers do not lie. When you figure the price per square foot that a particular subdivision is bringing ~ then do your adjustments for features (like a bonus room or a 3 car garage) the numbers don't lie.

The number is the number. We, as agents cannot make a property sell for more just because it is pretty. Yes, it will show better, however it is not worth more.

This is something that we struggle with daily with sellers. Also, the buyer is more informed and savy than ever before. You can bet you bottom dollar that the buyers, who use the internet know exactly what their home buying dollars will bring them.

The numbers don't lie and we can't change them. We have to educate the sellers.

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Gene perez

Greater Mortgage Solutions & Valley Hills Realty - Santa Maria, CA

not just the sellers sometimes the buyers want to low ball so bad they think they should just get the property for free since its a Buyers market and they watched too many Carlton Sheets commercials

Sep 26, 2009 03:22 AM

Bob Jakowinicz

National Realty Centers Livonia--Bob Jakowinicz - Livonia, MI

Michigan Real Estate Agent-- MI Real Adventures

Jean, the interesting thing is why do the same houses sell for different amounts? We have cookie cutter subs with the exact same houses in them almost to the point you can't tell which one your in, but when they sell they sell for sometimes vastly different amounts. But your right the numbers are a great place to start and should always be at least very close.

Sep 26, 2009 03:28 AM

Karen Anne Stone

New Home Hunters of Fort Worth and Tarrant County - Fort Worth, TX

Fort Worth Real Estate

Jean: Many agents I know simply use the "numbers" on the automatically-generated MLS CMA. It's just a bunch of numbers. I always use the actual MLS print-out sheets... and display them to the seller. I give them the "solds"... the closest comps to their home... and then ask them... "If you were the appraiser, and you had to bet your license on three of these SOLD homes to establish the value of YOUR home... which three would you choose ? Remember... as the appraiser... your JOB depends on which three you pick !

That usually brings them out of fantasy and back into reality. Asking questions is much more powerful than simply "telling" them stuff.

Sep 26, 2009 03:30 AM

Li Read

Sea to Sky Premier Properties (Salt Spring) - Salt Spring Island, BC

Caring expertise...knowledge for you!

This is absolutely key right now. Sellers need to be educated to detach, to look at their home as a house, as that's what the buyers are doing.

Sep 26, 2009 04:32 AM

The Numbers Can't Lie

The market numbers do not lie. When you figure the price per square foot that a particular subdivision is bringing ~ then do your adjustments for features (like a bonus room or a 3 car garage) the numbers don't lie.

The number is the number. We, as agents cannot make a property sell for more just because it is pretty. Yes, it will show better, however it is not worth more.

This is something that we struggle with daily with sellers. Also, the buyer is more informed and savy than ever before. You can bet you bottom dollar that the buyers, who use the internet know exactly what their home buying dollars will bring them.

The numbers don't lie and we can't change them. We have to educate the sellers.

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Jean Terry

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