Like most real estate professionals, Parks McCants is not isolated from the cause and effect knee jerk reaction displayed by clients and colleagues in response to an ever changing housing market.
Bombarded by an endless webcast of market predictions, adjusting mortgage rates and fluctuations in housing inventory, more than a few nights have been spent by agent and client alike, tossing and turning in a turbulent sea of property value uncertainty.
After all, as a veteran Eugene Realtor, Parks and others that practice the second oldest profession in the world constantly re-assess local market values based on short-term pending and closed sales market action reports.
McCants will tell you that it comes down two 3 core values when pricing your home for sale.
Location, condition and like- for- like comparable property value through closed sales analysis.
While the timely sale of your neighbors house may impact the perceived market value of your home, it is a well executed C.M.A. that places your home in its appropriate price category while validating the asking price.
“ We’ve all had clients that ignore the 3 core values of critical home marketing and sales analysis,” says Parks.
“Without pricing your home within 5-10% of the final listed sales price of the subject property, most homes, regardless of location and condition, will languish on the market for months.”
According to McCants, an Associate Broker and distressed property specialist with Barnhart Associates R.E. of Eugene, many prospective home sellers look to family, friends, neighbors and the national news networks for a reasonable list price ‘set point.’
In a quest for the timely sale of their home, many are often misled by the glowing assessment of current market values penciled in by an analyst in far away Irvine, Ca. A very high percentage of homes placed on the spring market are priced no less than 10-20% above the prevailing market, resulting in what is known in the Real Estate business as" following the market;" in too many cases downhill.
The end result after months of open houses and seemingly endless print and Web based adverting is a devaluation of the homes "perceived" value by the buying public. In effect, the listing has gone stale to the financial detriment of the seller and the agent.
When looking to effectively price your home in Eugene, Springfield’s stabilizing home market, McCants strongly recommends that you seek the qualified advice of a local real estate professional. Take your kind neighbor’s advice with a grain of salt and turn the national real estate news off during the term of your venture into the local housing market.
By doing so your likely hood of a timely, successful sale will be measurably increased.
Parks McCants is a licensed Oregon Real Estate Broker, producing and reviewing business, economic and political news articles through Examiner.Com