In this month’s issue of the regional business and entrepreneurial magazine, “Capital At Play“, Hendersonville real estate agent Bill Fishburne does a great job of introducing the concept of a Real Estate Review. Here is an excerpt from the article appearing in the July issue.
A Real Estate Review Consists of Two, Maybe Three, Parts.
First, there is a market overview. What has sold, what hasn’t sold, what is on the market in the area where the person lives. This could be as broad as a city or county, or could be as detailed as a neighborhood. It shows trends, recent sales and houses currently on the market. Wouldn’t you like to know what the houses in your neighborhood are selling for? Sure you would. And what the Jones’ are asking for a house that’s similar to yours? All that’s in the first part of the report.
Second there is the review of all the local property the person owns. It could be multiple residential units, lots in developments or raw acreage. Agents can pull all this up in a matter of minutes and compare it to the latest monthly, quarterly and annual market trends. The Real Estate Review does not give you a price for your property. It will tell you what you already know and will confirm that the tax department thinks your cottage is a mansion. But it really isn’t a CMA. It’s certainly not an appraisal. It’s just an overview. None of this is a sales pitch, and none of it incurs an obligation. You could ask several agents to help you understand the market in this manner and you might use the experience you gain as a filter to choose between them for when you are ready to buy or sell. But don’t go to the bank and say your $200,000 house is now worth $250,000. Could be, might not be. All the Review gives you is the overview at the macro level.
For most everyone, steps one and two provide sufficient information. If you want more you can ask for it, or do it yourself to some extent using Zillo, Trulia, Realtor.com or other websites that give consumers information on properties currently for sale. But what good is that, really? The Jones’ property might never sell at the asking price. If you price your house the same as theirs then you’ve just joined the ranks of folks whose houses are listed but aren’t really on the market.
To really get good information you have to know what has sold. I suggest you take a look at the Beverly-Hanks.com website. To my knowledge this the only local site that lists recently sold properties as well as those currently on the market. You can’t get this information at Zillo, Trulia, etc.
If you’d like to speak with Bill Fishburne you can reach him by phone at (828) 697-3368 or email [email protected].