Jeremy Jenks: Each week we have an expert commentary part, and my team enjoys surprising me with a question, just as if I was sitting in your living room and you were going to surprise me with a question. Let’s see what we got this week, and I’m going to answer for you. Just typical questions that buyers and sellers would ask.
How do I know if the property is a good deal? Oh, this is an important one. Where I’m going to go with this … How do you know, first … The first thing is, do you love the house? If my buyer is in love with the house and they absolutely must have it, then that’s going to weigh in on my decision. If not … if the house is just an investment and it’s purely about the cold, hard numbers, then that might be a little bit of a different answer. Everybody’s willing to have a different threshold for what a good deal is. That’s my disclaimer. I had to get that out of the way.
What you need to do is, you need to have a real estate agent that’s going to pull the comps, or comparable sales in the area. If I’m in a neighborhood, I’m going to pull what sold in a history … in a certain mile radius, or in a certain area that’s very comparable … has similar features, similar functions, similar amenities, I’m going to come up with a price per square footage, and we’re going to see if that house … and based on condition, the price per square footage could be justified being … let’s say, 10% higher or 10% lower, based on the condition, but we’ve got to make sure we’re in a certain range. What that does is, it give me ammunition to present to the seller’s agent, and say, “Based on the comps, you guys are way out of whack. What happened here? Why did you price this house so high?” It’s going to help my buyer and I, determine if it’s a good deal.
Now, just a quick side-note, if you have an agent who’s an expert in an area … like if I’m in Market Common, for example, I know that area like the back of my hand. I can tell you the price per square foot in the different communities that are within Market Common. I can walk into a house and eyeball it, and know if it’s priced effectively, or not. One of the benefits of having an agent that’s an expert in the area, is there going to make sure that you get a good deal, and it’s going to help with negotiations.
Stay tuned next week for more expert commentary.
For more information contact: Jeremy Jenks, Vice President of Sales, TheTrembleyGroup.com, 843.638.3002
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