The Barry and Larry Vestera Real Estate Program Radio show 8:00-9:00 AM | June 11,…
Getting an estimated property valuation from a professional is imperative in the home selling process. The real estate agent will assess the house value based on a number of factors such as the condition of the house, the number of bedrooms & bathrooms, location, added amenities like a garage, patio or garden, the neighborhood.
This property valuation is what sellers need to know in order to properly price their property. A properly priced home will get the attention of buyers and leave room for negotiation.
How to Get A Property Valuation
Seller agents usually perform a free comparative market analysis (CMA) of the property. This is where they examine the prices of the recently sold similar properties in the area, current properties on the market, and current market trends. They make this analysis based on similar property sales in a specific area. At the end of the day, the value of the property will be determined by the buyer’s offer and the seller’s acceptance; but a well-analyzed CMA will give the seller or even buyer, a good idea of comparative value.
But what can the sellers do if they don’t agree to the suggested property valuation provided by the first agent they interview?
Getting A Second Opinion of the Property Valuation
Host: If the seller thinks that the suggested price of the home is too low or too high, get a second opinion from another agent. If the estimates are far apart, get a third opinion.
We suggest getting a second, or even third opinion from other agents, especially if the seller disagrees with the first home valuation. The agent’s local knowledge of the market place and neighborhood expertise is vital in performing an accurate and useful CMA. This is why interviewing 2 or more real estate agents before starting the process is the way to get started.
If the house is underpriced, it’ll cost sellers a lot of money. Moreover, if the house is overpriced, it’ll cost them more time and effort. Time is money when selling a home. Of course, sellers would want their homes to be priced right according to their timeline, market condition, and good analytical data.
5th of the 10 Steps of Selling a Home – Marketing the Home
The 5th step of selling a home is the strategy for marketing it. This strategy is dependent upon the location of the home and how healthy the market is. These factors will influence how fast a home sells. If the property is listed well above or well below the average price of a similar home in a similar neighborhood, that may cause it to sell slower or faster.
Here are the days of inventory in Denver and Colorado Springs:
For homes priced at $300K and above:
- Denver area – 40-60 days
- Colorado Springs – 32 days
For homes priced under $300K:
- Denver area – about 20 days
- Colorado Springs – close to 15 days
Using the areas mentioned above as examples, a brisk market like Colorado Springs may sell very quickly if the price range is at below $300K because there is not a lot of inventory below $300K. On the other hand, sellers will need a very strong marketing plan if they want to sell a house above the median price. A properly priced home will make the house sell faster and easier.
In situations like this, consumers should consider hiring an agent that not only outlines the steps of the marketing plan, but also proves their value by having an excellent written marketing plan.
Finding the best agent
Recently, a seller from Denver, CO consulted Kathleen Chiras about selling his home in Hillsboro, MO. He had already consulted with 2 seller agents prior to the consult, but he wasn’t satisfied. After discussing the seller’s requirements, Chiras then recommended two top seller agents in the area. Both have proven track records and have been rated by the former consumers that worked with them. Chiras also provided a list of interview questions to the seller and encouraged him to interview both. This shows why interviewing 2 or more agents before hiring them is vital before starting the process. It is hard to tell initially if the process will be smooth until the end. However, consumers who carefully assess the agent’s background, experience, and expertise prior to engaging them are more likely to have a successful outcome.
The Buyer Agent Search Service headed by Chiras has helped consumers shop for top agents for over 20 years. She and her team listen to the consumer’s unique needs and find the best agent for them for free. They have a wide network of highly-qualified agents throughout the United States, Costa Rica, and Canada.
Interested home buyers or sellers can visit this page in this Buyer Agent Search site for assistance. The service is available to consumers every day of the year. Contact the staff via email or just fill out the inquiry form for an immediate response.
Free boot camp coming soon!
The hosts of the radio show will conduct a boot camp on September 21, 2019, Saturday, from 9:30 am -12:30 pm. The program will discuss the 10 steps of buying and selling a home. It also aims to help consumers avoid the biggest mistakes when buying or selling a home. Interested participants may use the contact information mentioned above to register.