listing e-valuator faqs
Is a Listing E-Valuator the same as a CMA?
Is a Listing E-Valuator the same as an appraisal?
How long will it take to get my report?
Will the property sell within the recommended listing range?
Why does the report give a range instead of recommending a specific list price?
Will the Listing E-Valuator work for any property?
What do I get with my Listing E-Valuator?
What if the property must be seen to be believed?
Is a Listing E-Valuator the same as a CMA?
A CMA and a Listing E-Valuator are similar in that they both display
recent market activity... active listings, pending sales and recently closed
transactions. However, unlike a CMA, the Listing E-Valuator analyzes each
property and makes adjustments for everything from square footage and baths to
views and patio differences (just like an appraisal).
Is a Listing E-Valuator the same as an appraisal? No. The Listing E-Valuator analyzes every home within a specific radius of the Subject property. A valuation expert then reviews the results to purge inaccurate or inconsistent data that may skew the valuation. Only at that point is a recommended listing range determined. A conventional appraisal, instead of recommending a listing range, actually determines the property's market value. This is useful information if you're the lender, but it doesn't help much if you're seeking guidance on where to price a property to be put on the market.
How long will it take to get my report? The completed Listing E-Valuator is generally completed the same day we receive the order.
Will the property sell within the recommend listing range? Nobody can say for certain - there are simply too many variables that are involved in a buyer and seller reaching an agreement on a purchase price.
Why does the report give a range instead of recommending a specific list price? Our report is designed to allow the agent and seller flexibility to account for influences condition, upgrades or seller motivation. The agent and seller are more familiar with the home, so we're relying on their expertise to decide where in the range the property should be priced. If a home has some areas of deferred maintenance or if the sellers need a quick sale, the home should probably be priced toward the lower end of the recommended range. If, on the other hand, the property has better-than-average upgrades for the area or has been extensively remodeled, then the seller and listing agent may decide to price the home toward the higher end of the recommended listing range. By providing a recommended listing range, the seller and the agent can "fine-tune" the property's pricing strategy based on their familiarity with the home, the neighborhood and the seller's circumstances.
Will the Listing E-Valuator work for any property? The Listing E-Valuator will work for roughly 90% of the homes in our coverage area. Properties located in areas where there is limited market activity (typically less than 15 recent sales) may not offer a sufficient level of recent market activity to meet our accuracy standards. Houses that are brand new, those with unique amenities or homes with recent additions may not a good candidates if we don't have access to accurate information for these homes. If there is insufficient data for us to render a listing price recommendation, we will notify you before any charges are incurred.
What do I get with my Listing E-Valuator? We include a coupon with every report that can be redeemed for a 10% discount on any 48-Hour product or service. This savings is often greater than the cost of the report itself, which essentially makes the Listing E-Valuator free of charge!
What
if the property must be seen to be believed? We also
offer listing appraisals,
a more detailed analysis of the property that includes a full appraisal
inspection.
One
of our licensed appraisers will visit the home, note all upgrades and amenities,
take photos of the property and sketch the exterior to independently verify the
square footage. Based on this
assessment, we will select 5 or 6 recent sales
(a.k.a. comps) in the immediate area. Adjustments are made to
the price of those comps for differences in the number of bedrooms or bathrooms,
square footage, lot utility, view, upgrades, etc. Through this process,
we are able to estimate the market value of the property.
The second step to conducting a listing appraisal is to analyze the properties that are currently listed in the immediate neighborhood... properties that will be competing for the attention of prospective buyers. Based upon that analysis, we recommend a listing price range that should generate top dollar for the seller while representing a fair, supportable price for buyers.
Our listing price recommendation is contained within a cover letter that is issued along with the property appraisal itself. This provides the seller and listing agent with a great marketing piece: they can show the letter to prospective buyers to prove that the property has been reasonably listed without disclosing the market value contained within the appraisal itself.