Market Insights: Sold in 67 days: the second fundamental
November 3, 2012
Editor’s note: This is the third is a series of articles about how to get your property sold in 67 days. Go to http://www.summitdaily.com and search for “market insights” to see the first two articles.
Let’s start with a recap of how to sell in 67 days: 1) Plan ahead. 2) Know the market. 3) Make the commitment to sell. 4) Select your Realtor. 5) Work as a team. 5) Prepare your property. 6) Explode onto the market. 7) Listen, listen, listen. 8) Take action. 9) Don’t worry, be happy. 10) Snag the right buyer. 11) Keep every commitment. 12) Sign on the dotted line.
As I mentioned last week, I highly recommend taking the first three steps above before meeting with any Realtors. The more prepared you are, the better off you will be.
Never, ever, consider selling until you are familiar with the market you are selling in and you have a concept of what your property will sell for, versus what you think it is worth. If you are resident of Summit County, this is easier, as you are probably following the market consistently. However, for second-home owners, there is analytical preparation to be done.
A great place to start is to invest in a professional valuation prepared by a Colorado licensed appraiser. Warning: watch out for appraisers who do not have an
intimate knowledge of this market.
Don’t select an appraiser from an Internet search without interviewing him or her. Here are three essential questions. 1) Are you a member of the Summit Association of Realtors? 2) When was the last time you conducted an appraisal in my neighborhood? 3) How many appraisals have you completed in the town that my property is located in? The answers are certain to find you the right person with whom to work.
Why spend the money? Because it is an investment in selling a major asset. Every time I have worked with the executor of an estate, the executor has obtained an appraisal before contacting me to sell the property. Why? Because the few hundred bucks paid to the appraiser is viewed as a cost-effective way to obtain an independent view of the property, something the estate needs.
If you are not willing to spend the money, ask yourself why. There could be many very valid reasons. For example, the young woman I mentioned last week, who my team negotiated with her bank to completely forgive her $100,000 loss, did not have the money. On the other hand, if you can afford it, but just don’t want to spend the money, then you have another question to answer. “Do I really want to sell?”
Of course there are many other ways to know the market. You can spend the time and effort to learn the market. Here are three “do’s:”
• Read blogs from sources you trust, such a Summit County-based Realtors.
• Study the tax records at http://www.co.summit.co.us.
• Use any one of the local real estate firm websites that have a direct link to the Summit Association of Realtors’ data (if you are not sure, call the office and ask).
And here are three “don’ts:”
• Do not use national websites, such as Zillow. These sites are not accurate and often the data is out of date.
• Do not depend on hearsay. Neighbors often say things such as, “We are happy with the price we sold for,” which leads you to think the property sold for near the asking price, when in reality, it may have been 25 percent less.
• Do not ask five different Realtors to give you a “quick best guess” over the phone.
See you next Saturday when we will talk about the final fundamental step to take before selecting your Realtor.
Love life, DWJ
Daniel Webster Johnson is a very active, full-time Realtor in Breckenridge, who has earned the national Quality Service Certified Platinum award, recognition of 100 percent client satisfaction. He is one of the team at Resort Brokers Real Estate. He loves feedback, so call him at (970) 393-3300 or him drop him a line at Daniel@YourMountainBroker.com.