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Originally Posted by Ed Garces
When a Realtor recommends a price for your property, he/she backs it up with a Market Analysis (taken from the local Real Estate Multiple Listings database or MLS for short) which shows comparable homes that sold recently, homes that are currently in the market, in your neighborhood, and/or a comparable neighborhood. They will do this for you at no charge if you invite two or three of them for a listing presentation. The reality is, it's the homeowner/seller that usually overprices the property, instead of the Realtor. Pricing it higher than the market would be a waste of time and money for the Realtor.
The Zillow.com site should not be used to make pricing decisions specially now as the market just did a downward shift. Their database are quite outdated. Also Appraisers are not a good source for pricing either. They are always lower than the real market and do their appraising for financial institutions.
If you have a Legal Problem, you go to an Attorney, not a Bank Manager (you do that after  )
If you want to sell your Home, you go to a Realtor, not Google.com (they will not pay you $1.65Billion for it  ) |
If you want to know the market value of a property you go to an independent real estate appraiser who is trained to value property NOT SELL IT. Appraiser value property for many different reasons and have no reason to come in high or low. If the house is just like every other one a AVM valuation will get close. Once again if the house is not the same as the others in the neighborhood you should get and independent valuation. In general don't trust a broker they want to get your listing. That not to say some brokers are not fair and honest but your home is probably your single largest investment and a home appraisal should cost about $300 to $500 dollars. A MAI is an appraiser with over five years of training/classwork and experience.
My point is that the seller needs to price it right and in this market its key.
That's not to say that a realtor won't do a good job selling the house just don't rely on the broker for pricing. With a indepent valuation in hand you have a lot more information and can discuss what the asking price should be with your broker.
I would also say that given the market conditions you are probably better off with a broker selling your house; its what they do for a living. They know how to sell just like any good salesman and they how to advertise and present your home.
PS I understand that some used car salesman are very honest too.
