Keeping up with Chicago's North Shore Real Estate Market!

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call or text me: 847-691-1111 or email: ann@rannjones.realtor

Monday, February 16, 2015

Clutter Clear

Feeling snowbound by this weather, I thought it was a good time to tackle my office.  I've given myself a new year's resolution of clearing out things this year.  After the last few years of downsizing and moving my dad, my own house now needs some clearing out.   With the frigid air outside, a Monday holiday and feeling motivated, I began clearing out a box that has built up with papers in it...


What did I find by a great set of thoughts about pricing properties.  Rather than trashing it, I thought I would post it!

Pricing a listing
1. How is the market value determined?
  • Today's competition
  • Today's financing
  • Today's economic conditions
  • Buyers' perception of property condition
  • Location
  • What a Buyer is willing to pay for a property on the day they decide to buy.

2. How is the market value not determined?
  • What a seller has invested in the property.
  • What a seller needs out of the property.
  • What a seller heard their neighbor's property sold for.

3. What do sellers control?
  • Price
  • Condition of the Property
  • Access to the property

4. What do Sellers not control?
  • Market Conditions
  • Motivation level of the competition

6. What most impacts sales price?
  • The competition and their motivation to sell.
  • What a buyer is willing to pay for a home based on the properties available on the day they decide to buy.

7. Why is the competition's motivation level a factor?
  • If a competitor must sell and they drop their price, the value of the other sellers' properties go down.... from the perspective of the buyer.