As a real estate professional, it is my job to know my market and to understand it. And in the course of doing my job, I have seen thousands of homes for sale.
Maybe the number is more like tens of thousands of homes for sale. Rest assured, I have been in a lot of houses that are on the market.
I do a CMA (competitive market analysis) prior to a listing appointment which provides an excellent source of empirical data that can be used to determine a range of pricing.
But the minute I walk into a house, my gut immediately takes over and my internal calculator starts the tally. I know all of the selling obstacles and what buyers are looking for in a house in that neighborhood.
And after touring the house and as we sit down to discuss the pricing particulars; I have a pretty good idea of where we need to be.
If the truth be told, I rely 75% on my experience and about 25% on the data. Blind data doesn’t “see” the house the same way that I do.
How about you? What do you rely on the most when you are pricing a home?