Friday, July 16, 2010
By Ulrich,
As Exclusive Buyer’s Agents we take pride in understanding the Steamboat Springs Real Estate market and analyzing what a particular property is worth. But in tough economic times there is more to analyze and understand to help our Clients make the best purchasing decision. Let’s examine a few of these variables.
Why and how has a Selling Agent priced the property? Obviously they have conducted a market analysis complete with comparables (if they exist). They take into consideration what the motivating factors are of the Seller, Divorce, Loss of employment, health issues, etc. A current factor is also what they are competing against. A short sale or foreclosure might skew the comparables but still need to be addressed in arriving at the initial selling price.
Now it is up to your Exclusive Buyer’s Agent to glean as much information on the property and the Sellers as possible without being too invasive. We will also conduct a market analysis on the property to see if we come up with close to the same figures as the Listing Agent.
Another important, and sometimes forgotten, element is to know the Listing Agent. Like most things in life Listing Agents have trends. Some will price a property fairly while others will place an inflated price on a property for a couple of different reasons. The first is to get the listing. We need to start off with the premise that all Sellers’ believe that their property is the best in the neighborhood. So if a Seller interviews three Agents guess which one they will most likely go with? You got it, the one with the highest asking price. The second reason is a strategy. If the average property has been selling for 17% below asking price a Listing Agent may well price a property anticipating a lower offer and then using the 17% figure to justify their counter offer.
Due to our history with, and respect that we have earned in, the Yampa Valley Real Estate Community we understand these dynamics and can adjust our strategies to compensate for these variables.
There is a reason that our Clients are so loyal to us and our business model. Come find out why we proclaim and stand behind our declaration “The Best way to buy Real Estate in Steamboat”.
