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CMA Explain - Comparable Market Analysis:

If you planning to sell your home yourself, or with a Agent, consider the following before you make a move to do either

The MLS - Multiple Listing Service is not your friend if you price incorrectly.

Pricing is your anchor to establish emotional tie to your house, and empathy from the buyer to send the best and highest offer.

A recommended book on this subject is "The Art of the CMA." When it comes to performing a Comparative Market Analysis (CMA) as a listing agent using the traditional method, it's possible to manipulate the numbers to support any desired outcome.

Home Values Have Risen?

Check Yours! Find Out With A No Obligation Property Report.

Here's what I mean:

With the traditional CMA approach, agents typically select three recently sold properties that closely resemble the subject home or the home being valued. In most markets, finding three properties that are sold at high, average, and low prices is relatively easy, with plenty of other comparable options available for selection.

Many agents and the training they receive emphasize using the least expensive set of comparable for the CMA. This approach aims to justify listing the home at a lower price for a quick sale. However, as a seller's agent, your priority should be to secure the highest possible price for your client's property, rather than participating in a discounted sale.

My process for preparing a CMA involves gathering data from three sources: tax records (sale and assessment data), closed comparable listings in the MLS, active, pending all comparable listings in the MLS.

Plus taking into account the absorption rate of homes and showings per price point will give you an excellent value range.

Allow me to explain further:

First, I examine the tax records to determine the "adjusted" current value of the home. For instance, if the property was sold three years ago for $150,000, and the area has experienced an annual appreciation rate of 12%-14%, I calculate the appreciation (3 x 13% = 39%, or $58,500) and add it to the purchase price. If the home hasn't been on the market for a considerable time, I use the most recent assessment value and adjust it accordingly. Although this method is somewhat subjective, an experienced agent familiar with the market can arrive at a realistic number using this approach. However, this is just one part of my valuation process.

Next, I review all the closed comparable in the same street, subdivision, area (1 mile) going back a reasonable period (e.g., 30, 60, 90, 180, 365 days), typically finding between ten and twenty properties. In extremely active markets where home prices appreciate rapidly, it's advisable not to go back too far to avoid skewing the CMA downward. It's essential to consider that amenities and the visual appeal of a home have minimal impact on the appraised value but greatly influence curb appeal and marketability. Therefore, using as many comparable as possible is preferable. When selecting my comparable homes, I focus on the subdivision, square footage (within a range of plus or minus 10%), and the number of bedrooms and bathrooms. I calculate the average sale price of this group, eliminating any outliers such as foreclosures or distressed sales.

Lastly, I gather data on all the active comparable listings. Again, I consider the subdivision, square footage, and the number of bedrooms and bathrooms. However, it's important to note that different markets may have variations in how appraisers select comparables. The main objective is to gather as much data as possible.

Now, let's bring it all together. I take the adjusted value from the tax records, add the average price from the closed comparables, and then add the average price from the active comparables. I divide this total by three to obtain the true average value for the subject property. I document this new figure and add or subtract 5% to establish a "reasonable range" for the home's value, typically within plus or minus 5% of the average. In most markets, it's feasible to support a value within this range, so obtaining an appraisal after the property sells shouldn't be a challenge.

I understand that this approach to performing a CMA may seem unconventional, but it can withstand scrutiny from clients, fellow agents, and, most importantly, appraisers. Moreover.

PUTTING THE PIECES TOGETHER:

Now let's take the pieces and put them together into a "lethal" listing presentation. For quick review, what are the pieces?

Knowing your market statistics so that you're truly the best person for the job. Knowing the value of the subject property so that you can get the top dollar for your seller client.

Beginning the process without laying this foundation simply won't work. It's absolutely critical that you go through the first two steps before you learn the listing presentation, simply because the presentation builds on this foundation! Without a suitable foundation on solid ground, you'll be building your presentation on quicksand and won't be able to list properties using my unique method. Why? Because you won't have the most important element of any sale: the believability factor. This approach is counter-intuitive, and, as such, it demands that you have credibility. If you don't have credibility, the listing approach will never sell because you're asking the client to place his faith in an approach that, in all likelihood, he's never heard of before.

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Contact David Pannell Cities Real Estate Brokerage at 817-797-9047. COMPANY SOCIAL MEDIA: ----------------------------------------­-- Facebook: https://www.facebook.com/CitiesRealEs... Twitter: https://twitter.com/CitiesRE Linkedin: https://www.linkedin.com/in/citiesrea... David Pannell's Team is a top producing real estate team in the Fort Worth area. We have served thousands of clients and we are a trusted partner to many local and nonprofit organizations. Our mission is to educate our clients in the h
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Contact David Pannell Cities Real Estate Brokerage at 817-797-9047. COMPANY SOCIAL MEDIA: ----------------------------------------­-- Facebook: https://www.facebook.com/CitiesRealEstate Twitter: https://twitter.com/CitiesRE Linkedin: https://www.linkedin.com/in/citiesrealestate/ David Pannell's Team is a top producing real estate team in the Fort Worth area. We have served thousands of clients and we are a trusted partner to many local and nonprofit organizations. Our mission is to educate our clients in
Ashley Starek
Ashley shares her story and experience on how Cities Real Estate over delivered and got the best results imaginable. Contact David Pannell Cities Real Estate Brokerage at 817-797-9047. COMPANY SOCIAL MEDIA: ----------------------------------------­-- Facebook: https://www.facebook.com/CitiesRealEs... Twitter: https://twitter.com/CitiesRE Linkedin: https://www.linkedin.com/in/citiesrea... David Pannell's Team is a top producing real estate team in the Fort Worth area. We have served thousands of clients
SOLD | Sendera Ranch 25k Over List Price
Contact David Pannell Cities Real Estate Brokerage at 817-797-9047 COMPANY SOCIAL MEDIA: ----------------------------------------­-- Facebook: https://www.facebook.com/CitiesRealEst ate Twitter: https://twitter.com/CitiesRE Linkedin: https://www.linkedin.com/in/citiesrealestate/ David Pannell's Team is a top producing real estate team in the Fort Worth area. We have served thousands of clients and we are a trusted partner to many local and nonprofit organizations. Our mission is to educate our clients in
Mike and Christy Roof
Contact David Pannell Cities Real Estate Brokerage at 817-797-9047. COMPANY SOCIAL MEDIA: ----------------------------------------­-- Facebook: https://www.facebook.com/CitiesRealEstate Twitter: https://twitter.com/CitiesRE Linkedin: https://www.linkedin.com/in/citiesrealestate/ David Pannell's Team is a top producing real estate team in the Fort Worth area. We have served thousands of clients and we are a trusted partner to many local and nonprofit organizations. Our mission is to educate our clients in
SOLD | Saginaw Texas
Homes For Sale Saginaw Texas - Cities Real Estate Contact David Pannell Cities Real Estate Brokerage at 817-797-9047. COMPANY SOCIAL MEDIA: ----------------------------------------­-- Facebook: https://www.facebook.com/CitiesRealEs... Twitter: https://twitter.com/CitiesRE Linkedin: https://www.linkedin.com/in/citiesrea... David Pannell's Team is a top producing real estate team in the Fort Worth area. We have served thousands of clients and we are a trusted partner to many local and nonprofit organizatio
SOLD | Fort Worth Homes
SOLD | Fort Worth Homes Contact David Pannell Cities Real Estate Brokerage at 817-797-9047. COMPANY SOCIAL MEDIA: ----------------------------------------­-- Facebook: https://www.facebook.com/CitiesRealEs... Twitter: https://twitter.com/CitiesRE Linkedin: https://www.linkedin.com/in/citiesrea... David Pannell's Team is a top producing real estate team in the Fort Worth area. We have served thousands of clients and we are a trusted partner to many local and nonprofit organizations. Our mission is to educ
SOLD | Ft. Worth Texas
Contact David Pannell Cities Real Estate Brokerage at 817-797-9047. COMPANY SOCIAL MEDIA: ----------------------------------------­-- Facebook: https://www.facebook.com/CitiesRealEstate Twitter: https://twitter.com/CitiesRE Linkedin: https://www.linkedin.com/in/citiesrealestate/ David Pannell's Team is a top producing real estate team in the Fort Worth area. We have served thousands of clients and we are a trusted partner to many local and nonprofit organizations. Our mission is to educate our clients in
Donnie & Sheri Osinski | Client Testimonial
Donnie and Sheri talk about how David Pannell Broker @ Cities Real Estate sold their home and made them $28,000 more than what they were expecting for a sales price.
Risa Seeton Review
Ms Seeton called us in January 2021 and requested that we help her sell her house fast. For more information about this property, please contact David Pannell Cities Real Estate Brokerage at 817-345-6263.
Buyers
Are you thinking about buying? The video resources below cover many of the common questions that most people have during the home buying journey.
First Time Buyers
Are you a first-time homebuyer? Did you know that if you haven’t owned a property in the last three years that you are considered a first-time homebuyer?
First-Time Home Buyer Advice
You can’t know everything there is to know about buying a home, especially when you’re a first-time homebuyer.
How much down payment do I need for a house?
Many first-time homebuyers believe they have to put 20 percent down on a home. But that’s far from true.
Why do people say you need 20% down?
Average down payments are well under 20 percent. So why do so many people say 20 percent down is the minimum.
How to choose a mortgage lender as a first time home buyer
One of the biggest mistakes first-time homebuyers make is not shopping around for a mortgage.
What credit score do you need to buy a house for the first time?
Most loan programs require a credit score of 620 or higher to buy a house for the first time. That includes conventional loans, most VA loans, and USDA loans (which require 640+).
What qualifies you as a first-time buyer?
If you’re buying your first-ever home, you’re a “first-time homebuyer” by default.
Do I need a home inspection?
Some loan types, like the FHA and VA mortgage programs, require a home inspection to make sure the home meets requirements for safety and affordability.
What are points? How do I know if I should buy them or not?
A point is simply 1 percent of the loan amount. If you choose to “buy your rate down,” or pay “discount points,” you will get a lower interest rate.
What is Private Mortgage Insurance (PMI)?
Private Mortgage Insurance (PMI) is an insurance policy that makes homeownership possible for homebuyers who don’t want to make a 20 percent down payment.
Making An Offer
Before the offer to purchase is created, you must be at least pre-qualified or, better yet, pre-approved by a lender, unless you are paying cash.
Escrow, Now What?
Once your offer is accepted by the seller it starts the escrow period. You will be asked for a down payment, typically 1% of the purchase price.
Mortgage Calculator
The easiest way to determine your estimated monthly mortgage payment is by talking to a lender. However, the calculator below can also help point you in the right direction.
Mortgage Pre-Approval
Thinking about buying a new home? If you're not paying cash, then you’’ probably need a mortgage.
Personalized Home Search
Complete the form below and we'll create you a custom property search. Anytime when we find properties that match your specific criteria we’ll send you an email.
What Are Closing Costs?
You've found your dream home, the seller has accepted your offer, your loan has been approved and you're eager to move into your new home.
Thinking About Selling? Watch This.
Are you thinking about selling? If so, the video resources below cover many of the common questions that most people have during the home selling journey.
Selling A Property? Here's How To Add Value!
Which items will add value to your home and help with resale when the time comes to sell? The answer is: “The ones that future buyers also want and are willing to pay for.”
Our Marketing Strategy
Let’s take a moment to talk about how we use both traditional and online strategies to promote your home to the largest group of qualified buyers.
Find Out Your Property Value; For FREE!
Would you like to know your home's estimated value? Our free market analysis service provides you with your property's current market value and suggested selling price!
What sales price should you list your home for?
When you hire us to list your property we provide you a Comparative Market Analysis (CMA) which is a compilation of recent sales from your area.
Tips For A Successful Home Showing
Real estate showings give potential buyers the opportunity to see and experience your home in person.
5 Homebuyer Tips
Here are five tips for navigating the home buying process.
3 Financing Tips
If you are planning on buying a home using a home loan then these three tips will help you get prepared for the financing process.
Credit Score Ranges & Factors
A credit score is a number between 300–850 that depicts a consumer's creditworthiness.
Required Mortgage Documents
Every lender requires documents as part of the process of approving a mortgage loan. Here are documents you’re generally required to provide...
How to Improve Your Credit
Credit scores play a big role in determining whether you’ll qualify for a loan and what your loan terms will be.
The Home Inspection Process
After your offer gets accepted, you’ll have an inspection period. This is your opportunity to have a licensed inspector canvas the home looking for common issues prior to moving forward with the home purchase.
The Appraisal Process
Once you are under contract, your lender will send out an appraiser to verify the purchase price is in line with the property’s value. Here are the two most important things to know about the appraisal process.
Homeowners Insurance
A homeowners insurance policy will protect you against certain losses and damage to your new home and is generally required by lenders prior to closing.
How To Buy in a Tight Market
Here are five things tips that can increase your chances of getting your dream house in a competitive housing market.
Thinking About Remodeling? Here’s some tips.
If you’ve made the decision to remodel your home before selling it, you should do some research to find the right contracting company.
Digital Photography
When selling your home, it’s important to upload high-quality images that really show it off to potential buyers.
How to Recognize a Qualified Buyer
When you’re selling your home, it’s exciting to get an offer! But unless your potential buyer has the resources to qualify for a mortgage, you might not really have a sale.
Questions to Ask Yourself When Considering Selling
If you’re thinking about selling your home and moving to a new location but you aren’t entirely sure about the idea, here are some helpful questions to ask when making up your mind.
Tips to Make the Sale Process Faster
If you’re thinking about listing your home on the market, here are some tips to make the sale process faster and easier long term.
Home Showing Checklist
If you’re selling your home and are getting ready for a home showing, here are some tips that will increase your chances of success.
How To Add Curb Appeal
Want to add some curb appeal to your home before listing it on the market? Here are some tips that will help!
How To Attract More Buyers
Attracting buyers to your home on the market is an important task in order to have it sell quickly. Here are some tips on how to convince buyers to make an offer on your home!
What to Know About the Appraisal Process
After accepting a contract for the sale of your home, the buyer’s lender will send an appraiser to make sure the purchase price is in line with the property’s value.
How Commission Works.
When sellers look at how much their agents are making on the sale of their home, they often feel like services are overpriced and that they can do the same thing themselves.
You Have A Buyer, Now What?
After you receive an offer on your home, the negotiation and contract process will begin. There are many things to consider in order to keep the deal together!
Finding Buyers On Zillow!
Did you know that Zillow allows anyone to see the total amount of views and saves for any property that is currently on the market?
First Impressions Are Everything!
Congratulations on listing your property! Our team stays up to date with every property on the market, so we know a thing or two about making your home showroom ready.
What Are Property Disclosures?
No matter how great a home may look at first, problems may be hiding under that fresh coat of paint. As a buyer, you should scrutinize the property disclosure!
Is the Buyer Pre-Approved, or Not?
When selling a home, it’s important to understand the different types of loan approvals that you will come across.
A Different Marketing Approach!
When you’re selling a home, it’s important to make sure as many buyers see it as possible.
Is Your Property Worth More?
If you’ve decided to list your home yourself, are you sure the price is accurate and not underpriced?
What is an iBuyer Program?
A common misconception is that the selling process is complex. Unconventional online iBuying programs have grown in popularity as people seek more convenient transactions, like Redfin, Open-door, and Offerpad.
Frustrated With The Selling Process?
Are you frustrated because your property didn’t sell immediately? With the way the real estate market looks right now and the value of your property, it should have sold in an instant!
Did Your Listing Recently Expire?
Did you know that your property in the Multiple Listing Service or MLS has expired? This information is sent out to all of the real estate websites across the nation, and if your listing has expired, then your property really isn’t on the market anymore.
Common Mistakes Most Agents Make!
It’s frustrating when you’ve previously listed your home for sale, and it has stalled on the market for months. Sooner or later, the listing will expire. Don’t let it get you down!
How to Instantly Attract More Buyers!
Have you put much thought into putting your property up for sale again? Your property hasn’t been on MLS for some time, and you might be hesitant to re-list a property over again.
How Is Your Marketing Different?
What’s the secret to effectively marketing your property and attracting more buyers to generate multiple offers? It’s all about working with professionals that understand how to adjust the marketing plan based on your property’s unique features.
Think Before you Re-list Your Property!
What was that missing ingredient from the last time you listed your property? You wanted to see it sold FAST, but obviously, there was another piece to the puzzle.
What’s Your Motivation?
Everybody has a reason for listing their property. Do you remember what yours was? This reason fuels your motivation and drive to keep at it, even if your property doesn’t sell the first time.
Sometimes All You Need Is A Fresh Start!
Sometimes all you need is a fresh start! We have found that 90% of the time, relisting with a new agent is all that is needed to get the property sold. Oftentimes with little or no changes made to pricing, marketing, or property presentation.
You Deserve More Attention
We believe that communication is the number one key to a successful real estate transaction!
Welcome
Thank you so much for registering on our home search website! Here are some basic tips about navigating the website and how the home search experience works.
Schedule Call
Do you have questions about the home buying or selling journey?
Careers
Have you ever thought about a career in real estate? Maybe you are already licensed and looking for your next opportunity.
FSBO
Do you currently have your home listed for-sale-by-owner? Or maybe you are thinking about listing your home privately.
Expired
Did you list your home with a real estate agent and it didn’t result in a successful sale? The good news is that it doesn’t have to be the outcome.
Price Reductions
The best way to get a great deal on a new property is by buying at the best price possible! Below is a list of properties where the sellers have decided to drop their asking price. This usually means that the homeowner is motivated to sell the property and move on.
Just Listed
The best properties usually don’t stay on the market very long. Below is a list of properties that just became available for sale. This is where many active buyers find their dream home!
Market Watch
The real estate market is constantly changing. If you are thinking about selling your home then now is a really good time. Property values have increased over the past few years and pent-up demand is pushing the price even higher!
Outside The Box Sales Letter
Outside The Box Sales Letter
1516 Downing Drive Aubrey Texas
1516 Downing Drive in Coveted Savannah, Texas - A Fabulous Property In a Fast Growing Area Just a stone’s throw from Frisco, Texas, a city recognized as one of the best areas to live in America, is beautiful Savannah, Texas. Nestled in the peaceful Azalea Village community in Savanah, is a treasure that offers residents the serenity of suburban Texas living while enjoying the benefits of the rapidly growing 380 corridor, connecting residents with Denton and McKinney. 1516 Downing Drive is a gorgeous home
Never Say “Never” By David Pannell
UMLIC Unreleased Vendors Lien (Mortgage Loan 1996) Sometimes, when you least expect it, you find a diamond in the rough. Much of the day-to-day work a realtor does is mundane. Of course, it’s exciting and fulfilling when a transaction closes, but the behind-the-scenes work people don’t see us doing is finding motivated sellers. One of the ways we find sellers is by contacting people whose listing of their home being for sale has expired. We call people we don’t know, who don’t know us, and try to earn t
Pivot Agent
If your interested, I'll see you in the course. https://www.pivot-agent.com/products/pivotagent/#/sc-checkout
Whats in the Course - Pivot Agent
BUY NOW: https://www.pivot-agent.com/products/pivotagent
How To Get Your OFFER Accepted
We’ve both worked hard to get to the point of offer submission. Our team at Cities Real Estate has built a relationship with the seller and has spent countless hours preparing the property and the listing. You’ve established trust with your buyer and invested your valuable time helping them find a property they’re eager to own. Now, our paths are about to cross, and you’re ready to submit an offer. 1. It's not about the highest offer. 2. It's not about the appraisal wavier 3. It really comes
UMLIC Unreleased Vendors Lien (Mortgage Loan 1996)
Never Say “Never” By David Pannell Sometimes, when you least expect it, you find a diamond in the rough. Much of the day-to-day work a realtor does is mundane. Of course, it’s exciting and fulfilling when a transaction closes, but the behind-the-scenes work people don’t see us doing is finding motivated sellers. One of the ways we find sellers is by contacting people whose listing of their home being for sale has expired. We call people we don’t know, who don’t know us, and try to earn their business by
Estate Exec
https://www.estateexec.com/ EstateExec is an online service that helps estate executors perform their duties. Every year, more than 3M people die in the US and Canada, and by law their estates must be settled, with this responsibility often falling to a family member. Although the primary user of EstateExec is the estate executor, it's also common for the original estate owner to purchase a license in advance of his or her death, to make the executor's job easier.
Lady Bird Deed Texas - Advantages or Disadvantages
In this video Attorney Sal Espino talks about the Who, What, Where, How a Lady Bird should be used in the state of Texas. You may contact our law office at 817-624-3352 and schedule an appointment. ________________________ If you plan to sell a house Please contact David Pannell Cities Real Estate Brokerage at 817-345-6263.
https://youtu.be/qJQhPcIu1Qo
An affidavit of heirship is a legal document that can be used when someone dies without a will and their estate consists primarily of real property titled in their name. The affidavit is used to identify the heirs to the property. The affidavit is filed with deed records in the county where the decedent’s real property is located. It does not transfer title to real property. Instead, it is evidence concerning the property. Legally, the affidavit of heirship creates a clean chain of title transfer to the d
What Is Affidavit of Heirship
What Is Affidavit of Heirship
What is Muniment of Title
When a resident or property owner in Texas passes away, their family often believes the traditional probate process is necessary. Fortunately, that’s not always the case. Under certain conditions, there are less expensive and more timely alternatives to probate. One of those alternatives is “muniment of title.” Don’t be thrown by the word “muniment.” It’s just a fancy way of saying “evidence.” So, muniment of title means evidence of title. This means a will can be submitted to the court to confirm ownershi
2010 Flat Rock Road Azle Texas
If you love pleasant surprises, you’ll love your new home at 2010 Flat Rock Rd in Azle. What may start as a quest to find a peaceful, quiet life away from the downtowns and subdivisions of DFW will turn out to be so much more than you ever expected. The first thing you’ll see as you drive up to the home is a beautiful, two-story non-traditional ranch home. It’s non-traditional in that it’s a two-story 3,200 square foot home that can best be described as feeling “ranchy,” but not feeling like you’re living
Reverse Mortgage Foreclosure STOPPED
Reverse Mortgage Foreclosure STOPPED
Coming Soon Marketing Approach
Coming Soon Marketing Approach
Part 2 - Coming Soon Marketing Plan
#comingsoon #realtors #realestateagents #fsbo forsalebyowners #zbuyer How Too Launch a HOME - Our Coming SOON Step By Step Marketing Plan Download our plan today on our website. Look for Part (2) for the video in our YouTube content or visit our website at Cities Real Estate.com HERE - LINK: https://looksee.it/080Ky
Covered Bridge Canyon
Covered Bridge Canyon is an extraordinary community of single-family homes situated on one of the most beautiful and scenic pieces of land that the Parker County Hill Country has to offer. Located just outside the Fort Worth city limits between Aledo, Azle, and Weatherford, all of the conveniences of city life are only 10 minutes away. Access into and out of Covered Bridge Canyon is easy with several major east/west thoroughfares, including I-20, I-30, Confederate Park Road, and White Settlement Road. The
Thank You
Thank you for filling out the form and we look forward to speaking with you soon! A member of our team will be in contact within the next 24-48 hours.
Brenda & Ron Story
Recently, while reaching out to families dealing with probate properties, I had the pleasure of connecting with Brenda and engaging in a meaningful conversation. Our discussion shed light on the timely and stressful situation you have been facing as the temporary administrator of your distant cousin's estate. With no will in place and no additional heirs identified, you were compelled to navigate the court process to become the sole permanent executor. Her obligation to obtain top dollar for the property ma
David's Testimonial For Cities Real Estate | Unexpected Success Series
I didn't even realize everything that a real estate agent really does but you guys do so much yeah hey there they've been out here I wanted to share this quick video with you three minute video of David Banks uh talking about us and what we did for him he went through several stages of trying to sell us home through other Realtors and then through investor offers until we got involved and we helped them sell it so hope you enjoy the video call us if you need us thanks bye we'd love to serve you in the 00:31
Client Testimonial Inherited Property in Probate Sold AS IS WHERE IS
Melody Bell, a homeowner facing the challenge of selling her inherited property, found herself in a position where she wanted to increase the value of her house without the hassle of extensive repairs. Determined to maximize her return on investment, she sought out the expertise and resources of a specialized real estate service like ours. We specialize in helping homeowners increase the value of their homes. With our expertise and resources, we guided Melody through the process of enhancing her property's
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Cash Offer
Selling your home can be a stressful and time-consuming process. But what if there was a way to sell your home quickly and for cash?
Your Homestead Exemption Top 10 Questions
STOPPED A Foreclosure
???? (817) 345-6330. David Pannell #broker #probate #dallas #fortworth What is your home worth? ?????? Have You Inherited A Property? Get Started Now! ??? or ?? LINK: http://myinheritedpropertyvalue.com/ SOCIAL MEDIA: ?? Facebook: https://www.facebook.com/CitiesRealEstate Twitter: https://twitter.com/CitiesRE Linkedin: https://www.linkedin.com/in/citiesrealestate/

TWO WAYS TO SELL THE HOUSE:

There are more than 1.1 million REALTORS® in America, and I guess you could say that there are 1.1 million ways to sell a house. But the truth is that there are really only two ways to sell a house: you can sell it by price, or you can sell it by traffic. Every other sales method is a subsidiary of one of these two. We'll explore the two different approaches at length and discuss how they differ and how one of them will yield far better results for your client while making you more money.

The Traditional or Price Approach. I've read dozens of books -- probably hundreds of books -- on the subject of real estate. Many of these books speak of the importance of listing real estate, and all of them describe nearly identical listing approaches, with only slight differences. Now, the reason for all this sameness is obvious: it's the way listings have been done since the beginning of real estate. It's the old "if it ain't broke, don't fix it" thing. Well, I'm here to tell you that it's broken! If you expect to make a lot of money in real estate, you need to determine what everybody else is doing and then do the opposite.

Okay, here's the basic formula for the "traditional" or "price" approach. As you'll recall, we talked earlier about building a CMA, or comparative market analysis, for your client. The traditional approach teaches us to find the "reasonable range" of value and then try to list the property on the low end of that range.

If the home doesn't sell within a month or so, we're all taught to...what? You got it! To ask for a reduction in price. Then if the property still doesn't sell, we lower the price again, and again, and again, until eventually we find a buyer for the place. Think about it: we're selling the house by price. We're using the price as our marketing tool. That's why we continue to lower the price, or wait for appreciation in the market to lower the price for us, until the house eventually sells.

One of the reasons this approach works well for the agent is that it places the entire burden of selling the home on the seller! Another reason for using the traditional approach is that the agent doesn't have to spend a lot of money marketing the house. He doesn't have to spend a lot of time or effort devising a marketing plan or promoting the property because the price is doing the selling for him. There's no doubt that this approach will work, of course: it's been working for decades with good and bad agents alike. However, there are a few drawbacks to the traditional approach that are seldom mentioned.

First and foremost is the agency issue. It's your job as the listing agent to represent the seller's interests, which include getting the absolute top dollar for the property. However, most agents don't get top dollar when they use this approach, and the reason is as simple as supply-and-demand. When there are fewer buyers competing for a home, the sale price may need to be discounted substantially in order to attract interest. In economics-speak, "with a fixed supply and a scarce demand (i.e. fewer buyers), prices drop."

Another drawback to using this approach is lack of speed: several months may pass before the traditional approach begins to have an effect. In the process, the home often becomes stigmatized. After several reductions, it's not even shown to potential buyers because it's been on the market "too long" and is now assumed to have something wrong with it. If the agent starts the process too high and then reduces the price too slowly, the home becomes very difficult to sell at any price.

READ: The Dirty Little Secret About Pricing

Many times, listing agents unwittingly become de-facto buyer sub-agents; and even though I don't know a single listing agent who would intentionally sell out his client, it's entirely too easy with the traditional listing approach to help the buyer rather than the seller. And, yes, I realize that my judgment may sound harsh, but if you'll honestly examine this method, you'll have to agree that, very often, it doesn't yield the best results for the seller.

The Traffic Approach. To understand the traffic approach, we need to turn our attention again to the "reasonable range." Real estate is entirely different from liquid investments with absolute values. For instance, anybody can look up a share of stock and immediately see its current price. But because values are subjective in real estate, there tends to be about 10% flexibility in the price range. Consider a home that's valued at $100,000. It's not worth exactly $100,000! It's really worth between $95,000 and $105,000. If the price drops below $95,000, nearly everyone will agree that the house is a good deal; and if the price goes above $105,000, nearly everyone will agree that the property is priced a little too high. However, within the "reasonable range" there is little price resistance.

Here's how the traffic approach works. Instead of listing the home at the low end of the range, you raise its price to the high end. The problem? Now there's no compelling reason for anyone to show it or buy it.

Okay, here's the secret weapon: you raise the commission by 2%! What you're doing, effectively, is "bribing" agents to include your listing on their show lists. What I do is raise my commission from 6% to 8%, and then I raise the price about 10%. The client then nets about 8% more money before any negotiations!

Sometimes, not often, the appraisal knocks the price down a bit. When that happens, it's usually a minor adjustment, and then the seller has the option of lowering the price to match the appraisal -- or else the deal, as written, falls apart. The buyer also has the option of paying, out of pocket, the shortfall in the appraisal or canceling the deal if there's an appraisal contingency. When that happens, the client knows that he got the absolute top dollar for his home.

Now, I know that almost any REALTOR® will immediately say, "I never look at the commission when I'm working for a buyer." But I don't believe that noble-sounding claim because statistics clearly indicate that it's not true. I don't know any agent who would willfully sell a buyer client a home that wasn't right for him; but if there are sixty homes in the market that generally match the client's criteria, and if three of those homes pay higher commissions than the rest, it's certainly not unethical to make sure that those three properties end up on every show list. In addition, there's nothing wrong with hoping that your client chooses to buy one of the three. If he doesn't, no big deal; but if he does, you just got a big bonus!

One of the questions I'm often asked is why I don't just offer a bonus to the selling agent. Once again, the answer is simple. Every buyer's agent knows that if he doesn't present a full offer, the first money to come off the table will be the selling bonus. Since most homes don't sell for full offers, the selling bonus doesn't happen very often, so the buyer's agent can find himself torn between not getting the bonus and not representing his client. If he advises his client to offer less than the listing price, he knows that his bonus is most likely gone. On the other hand, if he encourages the buyer to pay the listing price, he's probably not fully representing the buyer's interests. For that reason, the selling bonus is often a disincentive rather than a legitimate incentive.

To learn more about this chance of a lifetime, contact David Pannell, Owner/Broker of Cities Real Estate. David proudly served as a United States Marine, was a City of Arlington Police Officer, and is a devoted husband and father. You’ll find him to always act with integrity and help in any way he can. David can be reached at (817) 767-0020.

Thank you,

David Pannell, Broker Extraordinaire, U.S. Marine, All-Around Nice Guy



From Our Blog - Executor's Texas Probated Real Estate Guide
Client Story Review: Valentia Richardson

Valentia Richardson sat at her kitchen table, surrounded by stacks of unopened mail and a growing sense of unease. It had been a tough year for her financially, and now she was facing yet another challenge—she was behind on her taxes on the house. As she sifted through the letters, one in ... Read more about Client Story Review: Valentia Richardson

The Heroic Triumph of Probate: Alex's Journey to Victory

In Dallas Fort Worth, Alex found themselves trapped in a nightmarish probate process, burdened not only by the task of selling a decaying home but also by the unsettling emergence of four contentious family members. However, amidst the chaos and despair, a savior named Broker David Pannell emerged, ... Read more about The Heroic Triumph of Probate: Alex's Journey to Victory

What is Muniment of Title Texas Probate

When a resident or property owner in Texas passes away, their family often believes the traditional probate process is necessary. Fortunately, that’s not always the case. Under certain conditions, there are less expensive and more timely alternatives to probate. One of those alternatives is ... Read more about What is Muniment of Title Texas Probate

What is an Affidavit of Heirship Texas Title Probate Law

An affidavit of heirship is a legal document that can be used when someone dies without a will and their estate consists primarily of real property titled in their name. The affidavit is used to identify the heirs to the property. The affidavit is filed with deed records in the county where the ... Read more about What is an Affidavit of Heirship Texas Title Probate Law

Veterans Estates Probate Texas

If the decedent was a military veteran, it's a good idea for you as the executor to look into death-related benefits for veterans immediately upon their death. Veterans are entitled to a number of death-related benefits, some of which relate to the actual burial service itself. Notifications If the ... Read more about Veterans Estates Probate Texas

Obtaining Past Tax Returns Probated Estate Texas

A decedent’s recent tax return(s) can help you discover assets and debts, and file any current tax forms. If you can’t find a recent return in the decedent’s personal papers or files, you can usually obtain one from their former CPA or tax attorney. Read more about Obtaining Past Tax Returns Probated Estate Texas

Official Signature Probated Texas Estates

Your official signature depends on your specific role. For example, if your name is Bradley C. Roberts, and the decedent was your father, Alexander M. Roberts, you would sign as follows: Executor: “Bradley C. Roberts, Executor of the Estate of Alexander M. Roberts, Deceased” Personal ... Read more about Official Signature Probated Texas Estates

Notifications Probated Estates In Texas

As an executor There are many people and organizations you’ll need to notify about the estate owner’s death, some of which are time-sensitive. For example, you usually have up to thirty days after the death to notify the court and present any will. Read more about Notifications Probated Estates In Texas

Funerals, Probate, Estate Planning Fort Worth Texas

Although it’s not a legal responsibility, the executor often arranges the decedent’s funeral. There are many online and offline resources to help you arrange a funeral, but here is some guidance to get you started. Read more about Funerals, Probate, Estate Planning Fort Worth Texas

Dealing With Heirs for a Probated Estate in Texas

Anytime property and/or money is involved, there can be some sensitive dynamics. As an executor, you can encounter this whether you’re a member of a close-knit family of heirs or you’re a professional attorney. However, there are a couple of things you can do to keep heirs calm and ... Read more about Dealing With Heirs for a Probated Estate in Texas

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