Worlds Colliding may have been made famous by original radio broadcast Orson Welles "War of the Worlds".
Today we have cultures, generational issues, rapid response news reporting and immediate media coverage. The availability of information, right and wrong, is a few key strokes away. Many people do not even watch a news broadcast. They get their information needs from a search engine and news service publications or article posted.
Much like real estate sellers and buyers search for information on a particular home, neighborhood or recent sell price. I was the recipient of a phone call with a voice on the other end of the conversation we informed me my suggested sell price was too high. They were kind enough to provide me with an address so I could identify which property they were talking about.
I was polite, listened and asked my inviting questions to solicit more information on how they arrived at their perceived sell price. It didn't take long before the voice shared with me the sources of their information. In fact it was proudly shared, as though they had found information that no one else knew!
Zillow was the first provider, and the MLS public side of the information portal was another. They had taken the
two sites without regard to location, condition or additional information listed to decide I must be crazy for listing a home $25,000.00 higher than they thought it should be.
I must admit, deep down I was having fun. The voice wasn't a buyer, as it turns out, but the mother of a buyer. She decided to negotiate by proxy for a home that her son and daughter-in-law had not seen. She had failed to read the information on my listing. She saw the home was for sale by driving neighborhoods she thought her son would like. Armed with the address she looked at the virtual tour, looked on Zillow and compared a few listing within a mile of the address on the MLS. The problem with a mile or even a half mile in a large city can have a huge impact on value.
Home Buyer Information must be gathered with care and due diligence to be of any use.
So there you have it. When I shared that the home had two more bedrooms than she thought, the updating to the home included the roof, siding and the home next door sold to a private buyer as a for sale by owner for $30,000 more than her suggested sell price, a quit pause came over the phone line. Then a quip, your price is too much, they can't pay that and then the dial tone.
I smiled and called her back, thanks to caller ID! WOW, we were cut off, I said to her! I was just going to say I have a couple homes withing the same area, a few block away that might be in their price range. Do you want to call them so we all can meet at the property. Of course that is if they have a lender pre-qualification letter. They could love the property but not be allowed to bid on this one without that lender letter.
The voice says, "can I call you back? Is the price $25,000 lower?" Yes was my reply, "and will require some work on their part but is a great value with some sweat equity."
I never heard from the voice again. I figured the neighborhood was what her son wanted! Maybe he couldn't qualify for a loan and is now living with the voice!
Moral of the story, instant information may or may not be correct. I don't think a real estate agent will knowingly over price a home. Or help the seller by suggesting a home sell price by $25,000 or $30,000. That would be an exercise in futility.
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