Hello Everyone

I wanted to go over one thing that drives me crazy sometimes, your home listing price is wrong

We all see the new homes for sale, but most of the people think this when they see a home listed, they say look another home for sale, and the price $899,000 for example and they assume the price is right and that is what the home is worth, with out never even thinking that, the person that set the listing price is completely wrong. So why is this, because they think Realtors know what they are doing, great, but this is not always the case, I will explain.

How to find your home value

Ok when it comes time to sell a house, most Realtors will find your home value, by checking the MLS, which is what Realtors use, I know this because I am also am a Realtor, just to let you know, who is writing this post Now I will say this, it is ok to list a home under market value, but in needs to sell at market value, make sense, so many agents will take a listing and list it under market value, to drive Multiple offers or just make the home get attention fast and sell for market value, but some agents list for under market value and sell it, way under market value, this is so wrong, why does this happen, get ready I will explain.

Why your home sold for under market value

Your Realtor must know how to do the comps, this is what we call it in Realtor talk, which stands for comparable properties in the area, this is also what an appraiser does.
So how do things go so wrong sometimes, well many times the Realtor does not know how to use the MLS, or it gets worse, no computer skills, and that is how you end up with the wrong price. I have met many Realtors that have no clue on how to do the comps on the subject property, Realtors if your reading this pay attention please, you must learn how to do the comps and know property value, inside out, if this is you, stop listing homes at the wrong price and ask for help in learning how to use the MLS.

Many people think there is a button for home value

Ok we all know there a many websites that can give a home value with one click, but to do things right, a Realtor must use the MLS and run data to find all sold properties in the area, days on market, how much homes are selling for, over listed price, and one last thing, the percentage in which homes prices are going up or down, all this will give the Realtor subject property price, to list at, that is how it is done.

There’s more to it, price per SQ and same SQ in home and lot size, and more, this is only so the people reading this know what needs to happen, now there is no magic button, you must do it the hard way, pull the data, many people think Realtors use Zillow or some other public site to do our work, well the answer is no, Realtors do not use Zillow for research.

Why Some Agents list at wrong price

Many agents do know the comps, and still list at the wrong price, so if your saying why would somebody do this, well because they do not want to work, they figure if I just list it for under market value and get offers quick, my seller will take one fast and be done with it, so wrong. Realtors listen up, if you take a listing, do the work check the comps and sell for market value, now you can list for under market value to get things going fast, but you need to wait, for the right offer to come in at market value, sometimes it takes time. Now if the market is hot, like it is in California, you have no problem in selling at market value, but some agents still do it all wrong, why because they do not even know how to use the MLS.

I saw this year alone 3 homes sell for wrong price

I remember seeing a few homes this past year, that got listed at the wrong price and I said well ok, lets hope they sell for market value, and I checked the comps o yes I did, the homes where were I live, so I wanted them to sell for what others have sold for or close to that price, wrong they sold way under market value, myself and a hand full of other agents said, why did this out of area agent sell for way under market value, I said because they are not from this area, number one, and so on. So how much under market value, try $80,000 and the sellers never knew about this.

Some Realtors never learn the MLS

Well like the title says, this is true, many realtors never learn the MLS or any of the Real Estate software we use in the Real Estate industry, I have worked in the same office with many agents, who do not know, how to use the polygon map search, for comps, at all, I even ask one agent how do you run comps or find home value, you dont want to know the answer, but I train this person for weeks on the computer, but this happens all the time. So Realtors who are not using the MLS for finding comps, you must learn this, ask somebody to train you please, just because you pass your Real Estate test means nothing, now you must become an expert at the MLS, you need computer skills, if you not a computer person, then you might be in the wrong business.

So the point of my story is

The home sellers deserves to work with a Real Estate agent that knows their job and home value, they should never have to worry about if the price listed is wrong, and they should always have proof of the comps and how you did the comps, so sellers, if you list your home with an agent, have them show you all the data, don’t think just because some agent says, here is what I can sell your home for and done, no way, Realtors need to prove that they have ran the comps and all data needed to find your home value.

Ok as you might be thinking, why I posted this, well it happen again, I saw another home listed for the wrong price and sold for way under market value, and of course home owner thought Realtor was a rock star, nope, Realtor did not do their job, plain and simple.

Thank you

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