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Multiple Offers

speakers-453475_960_720Multiple offers can occur during the sale of a home when more that one party wants to buy the home. This most often occurs when the housing inventory is low. When multiple parties want to purchase a home it can lead to overbids of the original listed price. This is happening a lot in the market right now because our inventory is low and there are more and more people moving to San Diego every year. The problem is that this can often lead to a very high purchase price, which is hard to support with similar comparables.

 

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Selecting the best comparable sales

home-304190_960_720Our office regularly speaks to real estate agents and homeowners about how the appraisal process works, but one question that almost always comes up is how to select comparable sales.

This seems simple enough to explain however there is a lot that is considered when selecting the best comparable sales. Explaining the aspects of a home to consider when determining which comparables to choose it is helpful for appraisers and agents to have the same understanding of what makes a good comparable so they agent can price the property at a value that is likely to be appraised at.

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Obtaining a Pre-listing Appraisal as Your Pricing Strategy

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Getting a pre-listing appraisal offers more advantages than would a traditional CMA. When you suggest getting a pre-listing appraisal to your seller while making your listing presentation you will explain the following benefits:

1.When the pre-listing appraisal is done you will get the correct square footage of the home. Do you understand how an incorrect square footage measurement would affect the list price? If the measurement is off by just 100 square feet, and the homes in the area are going for $100 a square foot, then the list price will be off by perhaps $10,000. Does this justify paying for an appraisal?

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What Agents Should Consider When Making a Presentation

 

a-buy-me-a-coffee-987096_960_720    When real estate agents conduct their listing presentations they should be able to explain to their client how they intend to price their home. One of the main reasons, if not the top reason, for homes languishing on the market and not selling is that the home is overpriced.

Encouraging your sellers to have their home professionally appraised when you make your listing presentation, you’ll arrive at an accurate listing price with a much better chance of selling the house sooner rather than later.

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Price Per Square Foot May be the Worst Way for an Agent to Price a Home

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When listing a home do you go by price per square foot?

Agents often ask me “what’s the price per square foot that homes are selling for in this neighborhood?” I know the question is coming but I still can’t stop myself from cringing because on its own, price per square foot doesn’t always give you the most accurate value. This article will discuss why and how agents should look at price per square foot when deciding the listed price for a home.

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Del Cerro Marketing Trend

del cerro picDel Cerro, 92120 CA  Condominium Market Conditions as of 06/11/2017

Del Cerro, 92120 CA Condominium Market Conditions as of 06/11/2017

Median sale price from 12/11/2015 to 06/11/2016 = $275,500
Median sale price from 06/11/2016 to 12/11/2016 = $280,000
Median sale price from 12/11/2016 to 06/11/2017 = $337,000 Read More

Carlsbad 92011 Housing Market Trends

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Carlsbad, 92011 CA  Condominium Market Conditions as of 04/14/2017

Carlsbad, 92011 CA Condominium Market Conditions as of 04/14/2017

Median sale price from 10/14/2015 to 04/14/2016 = $550,000
Median sale price from 04/14/2016 to 10/14/2016 = $601,250
Median sale price from 10/14/2016 to 04/14/2017 = $599,000

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Every Agent Should Have an Appraisal as Part of Their Pricing Strategy

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What Agents Should Consider When Making a Presentation

When real estate agents conduct their listing presentations they should be able to explain to their client how they intend to price their home. One of the main reasons, if not the top reason, for homes languishing on the market and not selling is that the home is overpriced.

Encouraging your sellers to have their home professionally appraised when you make your listing presentation, you’ll arrive at an accurate listing price with a much better chance of selling the house sooner rather than later.

A number of negative consequences can result when a home is overpriced. If the home’s price doesn’t reflect fair market value, it may not get many showings. The seller’s excitement for having listed their home will soon turn into frustration if there isn’t any real activity. When a house isn’t being shown, it’s unlikely to sell.

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Oceanside Housing Market Trends

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Oceanside, 92057 CA  Condominium Market Conditions as of 04/04/2017

Oceanside, 92057 CA Condominium Market Conditions as of 04/04/2017

Median sale price from 11/04/2015 to 04/04/2016 = $271,450
Median sale price from 04/04/2016 to 11/04/2016 = $285,000
Median sale price from 11/04/2016 to 04/04/2017 = $310,000

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Escondido 92025 Housing Marketing Trends

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Escondido, 92025 CA  Condominium Market Conditions as of 03/28/2017

Escondido, 92025 CA Condominium Market Conditions as of 03/28/2017

Median sale price from 10/28/2015 to 03/28/2016 = $227,500
Median sale price from 03/28/2016 to 10/28/2016 = $278,000
Median sale price from 10/28/2016 to 03/28/2017 = $307,500

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