Well, today marks my first blog post on AR and I felt quite motivated to write today as earlier I was enjoying lunch with some fellow Agents and discussing the market and local happenings - there were newbies and senior Agents in attendance and I was quite surprised at where our conversation went but to a house down my street!
The Agents were commenting on how this other veteran Agent listed a home but did not remember one of the cardinal rules we all are taught in our rookie years - Get out there and PREVIEW HOMES!
This house in my neighborhood is listed with an Agent and *WOWAH* it came on the market WAY over priced for what our neighborhood can command; even in this crazy Denver Seller's market!
The buzz around the neighborhood was that the Agent justified the price by using comps from local homes in some neighboring HOAs and my goodness, did that hurt the Seller in this situation.
Our neighborhood is tucked in between million dollar neighborhoods, high 700's and then the more exclusive gated communities of patio homes and other million dollar homes - hard to justify comps when you're not familiar with the inventory.
Unfortunately, after 45+ days and x3 price reductions, the house is still a bit overpriced and (sigh...) still sitting available.
Moral of the story:
THE AGENT SHOULD HAVE PREVIEWED THE HOMES AND NEIGHBORHOODS THAT WERE USED FOR THE COMPS!
It is so easy to just get in the car and preview homes ~ but why don't agents do this?
I guess it is just the age of the Internet where we can research and sit at our computers and calculate price per square foot and believe we have a hold on the market from the photos captured by the MLS ~ but seriously, nothing compares to getting out there and actually viewing the competition!
Grab a coffee and plot your directions and go drive by the houses you are using in your comps ~ could one of the homes you are using be the ugly duckling in a fabulous neighborhood ~ or is it the diamond in the rough shining in an up and coming neighborhood ~ know what you are comparing your listing to and you will never regret it!
This was a fabulous learning experience for me ~ although I am PREVIEW QUEEN as my husband calls me. Any new neighborhood we are planning to visit, I'll usually pop in and see a house or two close to our destination, because I never know who we might run into at the party or BBQ that has a question about the house around the corner!
~ Happy Previewing! ~
Katie B. Cullum
Broker Associate, Realtor, CDREP
Equity Colorado Real Estate