question for a realtor
 

We will be selling the only home we've owned in the next year and I was wondering if someone could answer a question for me. I know that when realtors are looking to price a house they look at homes nearby to get a selling price. Our area is do different that I wonder how that process will help or hurt selling my home. If you go one way the houses that are on private lots are in an area that has a lot of drug problems, shooting and break ins. If you go the other way there is a very nice and expensive subdivision with a golf course, pool and HOA fees. Up and down our street are subdivisions with the newer cheap houses. Our home is in a quiet area of the street, all homes are owned (not rented) and we have no problems with crime. My home is the newest (10 yrs, old) on the street with a half acre lot and we are not in a subdivision or HOA area. So, does the realtor go by comps only or do they look at the home, surrounding homes and crime?

I think they do both. have to. but it's all in how they want to "sell" the house. Good luck.

they look at all of it. check your home value on Zillowmy home value and you will be shocked at how close they come to your property value. Good luck with your move!

Generally the closest comps to your specific property as well as condition and how 'updated' it may be. You'd be surprised at how 'dated' only a 10 yr old home is from a realtor perspective. Don't be shocked if they tell you that you should 'upgrade' this, that, or the other. Weigh the expense vs return on investment. Don't be afraid to have that conversation with the realtor.

We just went through this last year selling Dad's 40+ yr old house with few renovations in that time. We did some modifications (painted; removed wallpaper; some floor refinishing) but not others.

Interview several realtors as well. Ultimately they will probably all come in close to the same asking/selling price, but make sure you make a commitment with someone you are comfortable working with. Much, too, depends on if you want out quickly or for the highest dollar. All factors to consider.

We sold and bought a house a couple of years ago. When we sold we used a realtor who really knew the area and was able to market the house well. He had us make a couple of repairs and when we put it on the market is sold in 2 days for full price. Our area was unusual since no two houses were even similar so he had to go pretty far afield for the comps, but he did his homework and the appraisal came through with no problem.

I have bought and sold several houses and learned a lot. All have sold within six weeks. One sold the day it went on the market. Another sold within a week. Interview several realtors and find one you're comfortable with. I would choose someone who has been in the business for several years, at least. Your realtor will probably made suggestions for improvements. You DO NOT have to do any, or all of them. Make sure everything is clean and in good working order. I have always sold in the belief that the new owners will want to come in and make the house their own, so I never did any type of major updating. I also never removed personal items, such as photos. I believe curb appeal is right at the top of the list. If you cannot get people inside, you cannot sell your home.

We just sold and bought in the last 3 months. And I have to disagree with paoberle on one point. Absolutely remove personal items and not just photos. Put away anything of value and make sure that medications are out of sight. This was actually our realtor's recommendation. Sadly, in this day and age (especially with online virtual house tours) not all people viewing your property are in the market to buy. Some just might be 'casing the joint'. It is an agent's duty to stay with a client while touring your home but no one can be with two people going in opposite directions.

Curb appeal is very important because many people seem to judge by what they see, not what they could do to a property. A clean, neat de-cluttered house looks bigger and shows better. If you don't believe me, take a photo of one room in your house as it is right now. Then take a little time, give it a good de-clutter and take another photo. The difference can be amazing.

Good luck with your sale.

To answer your question: a realtor wants to make money so s/he will take all factors into account before listing your property. You can also have an independent appraisal done, but that costs you. Others have given good information, so I'll not repeat. We have sold a primary residence and a vacation home in the last 7 years. We just closed on the vacation home. It was suggested that we not accept VA or FHA loan applicants, because the government will make you raise your home to ITS specifications. Next time, I will sell, "as is." You will be amazed at what people want you to do for them, how much it costs, and how that eats into your selling price and final profit. You can say no to some things and others you have to improve. Like electrical wiring or other code items. Do interview the realtors. You are hiring them to work for you.
P.S. We are military. The VA/FHA was a decision made on a 40 year old home to help us come out with some profit after all the selling fees, federal,state & local taxes were paid.

Real estate agents do their research in regards to comparable properties in order to come up with an asking price, and you may get different responses from different agents. Once someone makes an offer, unless it's cash, the lending bank will require an appraisal, and that's the number that matters, as the bank won't lend more than what the house is determined to be worth.

As an agent, I looked at comps to come up with prices, but I always found that the appraisers came up with properties I would not have considered and made adjustments for features in a way in which I had no expertise. I would say talk to at least three agents and pay attention to the person with whom you feel you can work. I understand the advice to get someone with lots of experience, but I will point out that some successful agents won't have time for you and some new agents will devote all their time to you. And as a former agent, I will say that how quickly a house moves has as much or more to do with the market than to the efforts of the agent.

In our case, the comps were made on properties which sold and were of similar description, i.e., # of bedrooms, # of baths, square footage, garage, etc. Then they would up and down the price from your listing price. Like I said, the comps are only on recently sold properties in your area. We are somewhat rural and the comps were within the county.

When talking to agents, determine how she/he will market your home, i.e., newspapers, open houses, multi-listing. Determine how many properties have they listed and sold. If this number is high, look at the info two ways. Obviously, success, but also if they are extremely busy, how much effort will they put into selling your property. Find a realtor who is "hungry" and go with your "gut". Good luck.