Correctly pricing your home is the single most important key to selling. In our current market there are neighborhoods that have a lack of comparable sales in which to base a value opinion on or perhaps the house itself is unique to its surroundings thus making it a more subjective call in determining the correct price. In addition, either of those two scenarios can be further exasperated by recent short sales or foreclosures at below market. In our many years listing homes in the greater Portland metro area we’ve encountered these issues time & time again, in good markets & bad. Being able to recognize similarities in a neighborhood that has some or all of these issues with another neighborhood, perhaps miles away, allows us to ‘think outside the box’ whereas neighborhood specialists are limited to only what they know, which may be not reflect the real market value of your home.
In addition to just simply utilizing data from the multiple listing service (RMLS) it’s become crucial to include many additional sources of information from public tax records, RPR (Realtors Property Resources) & sometimes verifying on sales that have yet to close with cooperating Brokers. With all the resources available from which to gather sales information there still may be instances when stronger consideration for Active or pending listings must be factored into the equation. In an ever-changing market the ability to project ahead comes into play now, more than ever.
With hundreds of listings sold we’ve typically kept within a 2% sale to list price ratio. We provide our listing clients with a CMA (Comparative Market Analysis) that includes all the sources of data, including properties not included in the report. It’s essential that in selling your home you are fully aware of all the information available, not just what has been hand selected by a Broker. If possible, we’ll preview some of the competition in person in order to give you a realistic understanding of what the market looks like. Typically, we’ll update you right up until your listing goes ‘live’ with additional sales that may have an effect on your value.