Are you really getting a thorough evaluation of your property?
Hi, I’m John Parisek, the Founder of Golden Lion Real Estate, and today I want to thank you for coming here to consider the four keys to receiving a proper and thorough property evaluation, that’s a total evaluation. Now, we’re going to consider the four key points.
The first one is the one that many of you are already familiar with, and that is considering the public data.What I mean by that, there are algorithms out there that can spit out an instant valuation, which is essentially a guesstimate of your property based on public data. Public data could include, things such as your assessed value. Now I know everybody says, “But that’s not market value.” Correct, but it is a measure of value. In the financial world it’s called a lagging indicator, your assessed value is typically below or above the market value, depending on where you’re at. So for example, because it lags behind the market, as that’s increasing you’ll see that the assess values are typically lower. As the market is decreasing the assessed values are typically higher. They could be anywhere from 12 to 18 months behind, depending on the local municipality. Now, it doesn’t work perfectly across the country, but it is still considered in public data, and it is primarily one of the pieces of an algorithmic estimate of value. However, because they’re not considering all of the other major factors … the variance on an instant valuation from a public algorithm could be as great at 20%, and that’s just not good enough when it comes to understanding your true thorough property value.
So, number two, what you account for is the neighborhood location, yes state the obvious. Location, location, location. But often times, what we do is we overestimate or underestimate that. Now, one of the greatest things any realtor could do for you when considering this is to really specifically get into the neighborhood effect, I call it the echo effect. So, wherever the property is, the properties around there that have sold are going to immediately affect that. Yes, the greater marketplace will affect it as well, but the more specific you consider the neighborhood location the better you can adjust against the public data.
Point number three, is to be realistic about your current market condition … or the current condition of your property if you were to bring it to the market…. In other words, in the eye of the buyer what do they believe the condition of your property is? Is it at, above, or below average condition versus the competition? It’s very important to be realistic about the current condition of your property, and again, an in-house home assessment or property assessment is the best way to consider this and really refine it.
The next one, number four, study local market trends. Often times you’ll hear from one market to the next, “my brother lives in the Bay Area, and everything on the market is white out there,” that doesn’t make it the same for the Central Valley. For example, they are dramatically different, only an hour apart. All the local market trends, by the town and even the neighborhood, should be considered.
When you opt-in here, what you’ll be receiving is a thorough property evaluation which will consider all four of these: the public data, the neighborhood location, the current condition, and the local market trends.Make sure you fill this out thoroughly so we can assist you. Now remember, this is for any serious property owner who wants to maintain value. Whether or not you’re going to sell in the near future, this information is critical…As your property, whether somebody tells you differently or not, is a an asset that should be protected with knowledge. Once you know these things we can make all sorts of suggestions on how to improve your value, and be ready to sell at any point in time. Thanks for opting in. We look forward to giving this to you free, and no obligation. Yes, we will not bother you, this is a free service. Thanks.
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Don and Denise B.
“What we liked about John was how well he listened – letting us talk first, asking pertinent questions. He had put together a detailed plan on our immediate area, the city as a whole and market value. He then gave us tips on some basic improvements that would make the home more presentable. Once we signed on – He immediately got the ball rolling – lost no time getting it photographed, listed. He made himself available and answered our every need. Always clear and concise. End result, the home was sold in 5 days! If you are a serious buyer or seller, then call the Parisek Team! You won’t be disappointed.”
“John went over simple tips on what to do and what not to do in preparing my house for sale. After the meeting, I spent the next five days preparing my house. My home sold in just 6 days in a slow buyers market!”