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Episode 69: What If There Are No Comps For My House? - YouTube
Channel: the cape house - Katie Clancy
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It's Katie Clancy, Chief House Hawker at The
Cape House at William Ravis, and welcome back
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to The Cape House Show, where we give you
the tips, tools, and sense of humor you're
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going to need to get through the biggest transaction
of your life.
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Last week we started talking about Home Pricing
102, what do we do when it's not that easy
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to comp a house?
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It's really not that easy to find the price?
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So when we usually price a house, we look
for, let's look at it objectively.
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Three bedrooms, two baths, this many square
feet, this part of town, blah, blah, blah,
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that neighborhood, these amenities.
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It's usually not that hard to get a pretty
solid range of what a house ought to sell
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for, but sometimes it is hard.
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And that's what Home Pricing 102 is all about.
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We're going to talk about three challenges
that come up when trying to price a house
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and how we get past them.
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So the three challenges are one, what if there
are no comps?
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Two, what if you get the comps, but you find
it's right on the bubble between like $450,000
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on either side of it or $2 million or whatever
the number is?
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It's right on the bubble.
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Do you go up, do you go down, and why?
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The third one is assessed value versus fair
market value.
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And then saleability, what are those numbers?
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How do they matter and how do we take them
into consideration when we're making our price?
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Today we're talking about what to do when
there are no comparables.
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Your home is beyond compare.
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It is peerless.
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What do we do for a price?
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This is where home pricing and being a real
estate agent, this is the art of it.
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There's a science to it and there's also an
art.
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The art part here is you just, when there's
nothing that really adds up with all the features
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that make your house yours, we have to go
and start with our gut.
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What do we think it's worth?
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Let's talk about that, me and you.
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What do you think it's worth?
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I'll tell you what I think, just with no particular
reason.
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Okay, great.
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Let's take that number or those numbers and
let's go to the MLS.
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And we'll go in there and we will look at
that and we'll go well, are people buying
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for that number?
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People who are spending $500,000, which is
what we think your house is worth, who are
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these people?
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Where are they spending their money?
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What are they spending their money on?
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Okay, good.
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That will give us some of our information.
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It will either corroborate or sort of refute
our numbers, but that's not the only place
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we're going to look.
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So we start looking at, let's just look at
the gut number and what we think.
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Then another angle to look at it to combine
with that information that you got is what
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are the things that kind of make your house
quirky or super unusual or just hard to comp?
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And it might be the location.
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The location might be incredibly amazing relative
to the sticks of the house.
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Or maybe the location is the pits.
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There was one house I showed once, it wasn't
one of our listings.
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For all intents and purposes, this should
have been a million plus house.
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It was enormous.
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It had three car garage, it was a newer construction,
had all of this beautiful land.
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It had pond frontage.
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So picturesque, absolutely beautiful.
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But the other side of the house was a highway.
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So the people who love that peacefulness of
the pond are totally turned off by the highway.
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And the people are looking for a really large
house, also the highway sometimes, a little
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bit of an issue.
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So they struggled a lot with the price, and
we struggled too with trying to figure out
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well, if we did want to buy it, what would
we offer?
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We would find that number the same way we'd
find the number if we were listing that house.
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So there it is.
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If you've got a house that can't be comped,
first, take your gut, look at the number that
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you think it should be and see what people
are spending that money on in your area.
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Combine that information with what's the real
quirk about your property.
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And like I said, if it's location, look for
things that have houses at all price points
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that sold or are on the market in that same
kind of location, that share that same quirk.
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Take a look at the market time.
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Take a look at their original price.
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Did they have to drop their price?
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How long did it take to sell?
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What price was it at when they got the offer?
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Take all that information, sort of mush it
up, cook it up, a little bit of science, a
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little bit of art, and then you know what?
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You just have to go for it.
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The only way you're going to find out if you
hit the right price is when you get that puppy
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on the market and see what the buyers who
are out there today think it's worth.
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And that sometimes you also need to sort of
hunker in.
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It sometimes takes a little while.
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If it's a really unique house, then you're
looking for a really unique buyer.
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And you know what?
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They're kind of a needle and a haystack sometimes.
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So you've got to be patient.
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Alright, if you have any more questions about
how to price your house, stay tuned to The
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Cape House Show or come see us at TheCapeHouseTeam.com!
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