I do a lot of work with a local retirement community. Part of the suite of services includes a complimentary market analysis to help sellers price their property to be attractive in today's market.
A prospect was comparing my CMA a few months ago with one she had a "family friend in the business" prepare.
I was unaware I was being "mystery shopped", and was honestly surprised. It's their decision to list with whoever they want, so bring it on: let's see the differences between the two reports and move forward from there.
My CMA had recommended the property list at $380K, and the other agent eventually listed the property at $440K. The property had some out-dated features, flooring that needed to be replaced, and a permeating smoke smell. The home is located in a fabulous gated country club community, and there are simply more attractive homes at better prices.
Quite a difference.
Fast forward three months, the listing expires, and I get my chance.
Relist at $419K.
Fast forward 50 days, and we have a contract, that is exactly $6000 more than my original analysis.
The overall effect? The seller was under the impression her house would sell at an inflated price in a highly competitive market.
It's our job to educate our sellers as to what the market will bear and a buyer will pay - it's not always the price the seller wants to list at.
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