Marketing property in Cromwell CT is a challenge, as I am sure it is everywhere. When it comes to doing a market analysis on a condo here in Cromwell where there haven't been many sales, it takes digging and a lot of evaluation to come up with a listing price on a home.
If a Realtor comes in way too high, there is a good chance they are *buying* this listing, and it will NOT sell anywhere near the sales price. Most likely it will sit there, and they will have to reduce the price, probably well below where it should have been priced in the first place in order for it to sell.
I have a buyer that is looking to purchase a condo in a complex here in Cromwell. The unit I showed her last evening she instantly feel in love with it, however it is not FHA approved which is how she is going. Does this stop me, NO. I call the listing agent to see if we can work together to get this complex approved. This would help in marketing property in Cromwell by having this complex on the FHA list. It would also benefit not only *our* clients.. but future buyers and sellers looking to live in this condo complex.
Before calling the listing agent, I did a quick analysis of what has closed in the area (not just this complex) in the last 3 to 6 months. I was trying to get an idea of what an appraiser might come up with.
Everything I pulled in would not substantiate the list price, I came in $20K less.
I'm sure the sellers are looking to move on, as much as my buyer is looking to move in. So I call the listing agent to see what comps she used so we can make this deal work. She told me that she took in regard the "LIFESTYLE" of the complex when pricing the home... along with what other listings are currently priced at. As far as closed properties she took other units that were two bedrooms, but almost twice the square footage (and did not make an adjustment for the difference).
What I am asking here is for all appraisers to let me know, and correct me if I am wrong, when did you start taking into value of a property the LIFESTYLE of a complex and the number of bedrooms, without making adjustments to the square footage?
To all Realtors... do you feel that this property will sell for $20k more than a condo did a year ago that is identical to this one in the same complex? Knowing where the economy is today, and how the trend is not coming back in leaps and bounds.. how do you substantiate having property values gone up by over 15% in a year?
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Info about the author:
Valerie Osterhoudt is a Cromwell Connecticut Residential Realtor who can assist you with the purchase and/or sale of real estate in the Middlesex County of CT, which includes Cromwell, Rocky Hill, Berlin, Middletown, Wethersfield, Newington, as well as all other surrounding areas. Please visit me at www.CTrealtorMLS.com for all your relocation and/or local needs.
For real estate.. all you need to know, is VALERIEO
If you're thinking about buying a home in Cromwell CT area, there are plenty of great buys in today's market. There is no better time than now to take advantage of these homes while interest rates remain at an all time low. For more information on Cromwell CT real estate's homes and/or condos please visit Johnson Real Estate to access the newest listings.
Valerie Osterhoudt, ABR - Johnson Real Estate, Inc. - 860.883.8889 cell - firstname.lastname@example.org
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