How Many Comps Must be Reviewed to Choose a LIsting Price?

Answer - just one.

Scenario: owner wants to list and sell a condo unit. The conversation we had about the desire to sell centered around what it is worth vs. what will the right list price be.

There is a neighbor on market in the same condo building with a very similar unit on market and under contract, and under contract in less than 2 weeks! The average market time in this neighborhood for condos over the past 6 months is 130 days.

There's a lesson in there somewhere, and the lesson was all about pricing with the goal of getting it sold.

It is not always easy to let go of the dream of selling for top dollar in this lackluster real estate market (Chicago), particularly when it comes to condominiums. But when reality comes calling (as in "I MUST sell it this spring!"), letting go is the only way to go.

Even Uncle Sam Sez So

The years go by, and some things never change. Public opinion polls seem to repeat the news: the general public thinks very poorly of real estate agents as a profession. And I mean VERY poorly. Most people hold real estate agents in low regard. The reasons vary, but the result is truly unfortunate. An unrepresented seller or buyer of real estate can perhaps muddle through a transaction, but at a very high cost (both financial and emotional).

But it's not just ME trying to educate people on the value of finding and using a trusted real estate agent; Uncle Sam also "gets it." In a recent FHA e-newsletter (February 15, 2010), the notion of hiring an agent is promoted as the wise thing to do. To quote: "Most of the fears that buyers have about realtors are just plan false." And then this quote: "...your real estate agent's job is to represent your interest only. They want to get the deal done for you! If you are a happy client, you are likely to refer business to them for doing a good job." Sounds reasonable, right?

The article continues on to suggest that most folks simply don't understand how an agent's role can benefit them. So it seems the FHA and I are promoting the use of a licensed, ethical, and trustworthy agent. Sure, there are some less-than-stellar agents in the ranks, just as there are in any profession. Ever meet a teacher you thought was sub-par, or a doctor? You see my point.

Subscribe to the FHA newsletter for free, read the weekly article, and learn. To find a terrific agent, start asking your friends and neighbors who they would recommend, based on personal experience. Just because a local agent has spent lots of dollars on marketing their brand does not translate into good service to you. It's the person who can serve your needs, not the face in a newspaper ad or on a grocery store cart.