What Does a Real Estate Buyer Really Know?

January 18th, 2009 categories: Mason, Ohio, Real Estate Sales, West Chester, Ohio

Real estate sellers in West Chester, Cincinnati, Mason, Fairfield and surrounding areas don’t believe it’s true!

Today’s buyers have more resources at their fingertips and they’re utilizing the information before making a purchase offer.

What are real estate buyers using to value your property?

Let’s start with a listing in Heritage Club -Mason Ohio. If the buyers are working with an agent, they have access to a “Competitive Market Analysis” (CMA). Mortgage appraisers are utilizing data that is no older than 90 days- so the CMA should highlight activity during the same time frame. Sometimes, we go back 6 months to see how many times a property was listed with other companies or agents- in order to obtain a complete picture of the marketplace.

The CMA provides a side-by-side analysis of properties which includes Original Price, # bedrooms, # bathrooms and taxes. Our multiple listing service does not include square footage.

Buyers are also hunting Zillow for pricing and information. Just type in the address….

…and the property picture and details pop up. Click on the listing information and…..

You’ll have access to listings and Zillow comps.

And for the “more information required” buyer the county auditor websites provide detailed information.

Not enough information yet? Try Google and see what is for sale in Mason.

If sellers are extremely lucky, all the sites are in sync with price. Usually, the auditor site shows sale price (if recent) as the assessed value and Zillow is showing list price. Buyers are always going to lean toward the lowest dollar value. The sources of “information” as well as media input about the current real estate market drives the contract offers.

Sellers (and their agents) need to review all these (and other) informational sites in order to understand and negotiate a quick sale.

Seeing is believing. Need more detailed about your home or condo-call or email.

Posted by Kathy Koops | Discussion:

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