Advance Planning and Adjusting to the Market
No matter what your business is, it’s important to know your competition. Real estate is no different in this regard. Regardless of if you’re a seller or a buyer, you need to know details of other homes in the area beyond just their square footage and selling price.
Because I’ve personally toured over 90% of the homes sold in the Oakland Hills market, I offer a breadth of knowledge about homes in the area that few realtors can match. And if I haven’t toured a particular house or houses in your area, my intuition picks up where my experience leaves off. In one instance I was working with a buyer who was purchasing a property that needed work. A comparable property that represented the top of the market was just up the street.
The property had just closed, so there was no way to get into the home to see the finishes and floor plan. Nevertheless, I was able to get the photo tour that was produced when the house sold. This helped my client greatly plan his budget for the future and establish a realistic price he wanted to offer for the property.
When working with sellers I always deliver an accurate picture of value through an extensive market analysis. I never give a price to a home that I don’t think is achievable. I’d rather see the home go for more than its asking price than not deliver what I said.
When the tide turns in favor of buyers you may want to build some negotiation dollars into your asking price knowing that this may extend the marketing time. During times of sellers’ markets and low inventory, it’s important not to under-price a home by such an amount that the home doesn’t reach its potential.
