First I begin by looking at History
By examining what has happened in your area, we can start to understand what will happen...
or at least what may happen.
If we were to just take the average of the last few homes sold (much like an appraiser would),
you could be underpricing your home.
Just because you had a couple of neighbors that just
"had" to sell doesn't mean your home is not worth as much.
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Next I Study the Historical Data
There are many data-points in the historical data that may be either inaccurate
or that I don't feel will compare well with your home.
By removing these data points I start to get a better picture.
Please note that at point, this is not just the price per square foot.
I account in the data for garages, location, age, bathrooms, basements and any other information
I can get my hand on. If there's a data point that troubles me, I get on the phone
with the agents that made the sell and see if they remember the home.
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Now I Zoom in to the Present
These are the homes that have sold recently, normally during the previous 12 months.
It is imperative that
the data here be accurate... and that everything be accounted for.
Now I have a really good idea of where to price your home BUT, I'm
not done yet...
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Now I look at the Competition
If we decide your home is worth $300,000 but everyone else is selling similar
homes for $250,000. Your home just will not sell.
Just as when looking at comparables, these values need to be adjusted. If your home
is not a fixer-upper then we don't compare it with those that are.
And we are still not done yet...
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I next look at the Market as a Whole
You and I need to know and understand what the market is doing so we can time everything
just right
These next few charts look at the Real Estate Market in your general area.
This first one tells us how many homes are there for sale (in Wake county in this case)
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But just what's for Sale is not Enough
Are these homes selling?
This chart shows the number of homes that have gone "Pending" per Week. Pending means
that they have a contract and will close shortly.
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And What about in the Future?
This last chart examines the number of showings that homes are getting, on the
average, every month.
If this number is low (look how low it is during the end of the year) then you may
want to consider waiting a bit.
If you've read this far, you should call me... or at least email me. This analysis
you are reading is probably worthless to you and I can run one for your home
for free, and with no obligation.
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