Great Bristow, VA Listing Agents are Always Prepared
Part of what makes a Bristow, VA Listing Agent stand out is knowing their market comps. It is awfully easy to buy into a high price wanted by a seller just to obtain a listing. That's not my style. If I feel a market is lacking inventory, trying a higher price than the solds suggested may make sense. Market conditions should always be taken into consideration when pricing a home.
When I go into a listing appointment I have a whole bunch of recent comparable listings. Most of them are recent sales. Some are under contract, which may give us a trend on how long things are taking to sell. The shorter the days on market, the more likey that seller got their list price. And then there are the active listings. The solds tell me what price your home is likely to sell for based on those sales. But when I take that range (and it is always a range) to the actives, we have to figure out if you offer more than other available homes. If so, you can go to the highest part of the range, or even a bit outside.
On a recent Braemar home listing, the lack of available inventory told me that bumping up the asking price on a home was not a bad idea. A few weeks on the market, and no showings, however, brought my seller and I back to the numbers. After a price reduction, the home went under contract. It wasn't exactly the offer the sellers were dreaming of, but after a couple months on the market, and no other buyers in sight, they worked out a deal, still above the most likely sales price I threw out at our listing appointment.
Appraisal day came and I was there to meet the appraiser at the property, comps in hand and even a floor plan of the home. The only thing I was missing was a plat. I like to be there to answer questions about the home and the neighborhood. I also like to show the appraiser why I chose the comps I did.
In this instance, the appraiser shook his head and took all the info, but when the final report came in, only one of the comps I had provided was used. Not a big deal, but the value was $5,000 lower than the contracted sales price. Being a prepared Bristow Real Estate Agent, I read the appraisal line by line and jotted down my notes, which ultimately ended up being challenges to incorrect information.
Concisely, I put it all in writing and sent it to the buyer's lender. An incorrect assessment of our marketplace had been made. The appraiser stated values were falling, yet that we had a stable supply of homes. Well, a stable supply of homes is indicative of a stable market. And working in the Bristow market place, I can tell you values have been stable or seeing small increases for the last eighteen months. I also noted the neighborhood was a larger, sought after neighborhood than he reported and that some of the comps used were outdated when a lot more recent sales were available and another was in a totally different school district. Fortunately for my listing, the school district makes values higher than the comp with the other. It was the entire reason the buyer was choosing THIS home.
Within an hour of receiving the report, the lender asked me to fill out a Reconsideration Request and provide comps. Fortunately, I had saved everything I gave to the appraiser, filled out the form, attached the comps and sent it all over. The next morning, the lender called sounding baffled. He said, "This never happens. We shared your information with the appraiser and he is correcting the report and the home is coming in at sales price. Thank you so much for being so thorough and responsive."
Knowing the comps as a Bristow Real Estate Agent doesn't just help you aid the sellers in picking a list price, it can literally save a deal when an appraiser has misjudged the market. My knowledge of the Bristow real estate market saved my sellers $5,000.
Looking to sell your Bristow home? Give me a call and let's look at the comps for your home.