Before I came into real estate I have to admit I was one of those neighbors who (at night) would go take a flyer from a neighbors brochure box to see what they were asking for their house. After the initial rush of taking the flyer I would compare and see if they have all the great things I have in my house. If they were priced too low then I would have to make adjustments. For example...their fireplace does not look as clean as mine or I have black appliances and they have white - that has to add about $10,000 in value right? We are all fans of our own house and rightfully so, but we must remember that in real estate it's not all about the size of the house, or location or even the amenities that determine value. We have to be mindful there are external factors that can play a large role in the pricing of your home.
What external factors?
1. Job losses reduce available buyers
2. Interest rates rise and that can reduce buying power (lucky for us interest rates are at an all time low)
3. Your neighbor reduces their asking price (how dare them, right?)
4. New listings add competition
5. Brand new homes going up in the area that creates new inventory.
As most sellers like to do before they list their home they want to do some research. If you would like a monthly snapshot on the real estate activity in your neighborhood go to www.yvetteallenproperties.com/market_snapshot. I often get asked how accurate is the information. All the information is pulled from the San Antonio MLS.
Market Snapshot is for you if you want to know: 1. How many homes are on the market in your area, 2. The listing price of the home down the street and 3. The SOLD price of all the homes in your area. As a bonus you get to click on each home that is for sale in your mapped area and get details (picture too) about the property. Details include address, how long the home has been on the market, listed and/or sold price, amenities, etc.
You can learn about the happenings in your area all from the privacy of your own home. So no more going out late at night to snatch a flyer!
Yvette
