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Pricing : Deric Lipski vrs ZiIllow on pricing

Deric Lipski 3/9/12 Easton real estate
Since March usually represents the beginning of the "Spring Selling Season," I will tackle a topic that seems especially appropriate - How to Properly Price a Home. Let me start by saying that it is about 75% facts & figures and 25% gut instinct. Put another way, "25% art and 75% science."  It is for that reason that all of the great internet websites that are out there can only give a ballpark as to the real value of a specific home when it is put on the market. Even with tract homes, where we literally have exactly the same square footage and layout from one home to the next, there can be huge differences in ultimate sales price, both LOWER and HIGHER than what Zillow or other sites suggest. Why is that deric? Let me give 2 examples to illustrate. A few years ago, I had a "Easton Village" home in Easton Mass. listed as a short sale. It was highly upgraded and the offer we had for $390,000 was higher than any other Easton Village that had sold. The bank should have been thrilled with the offer price. To my surprise, they suggested that their valuation was $420,000. Now even if the buyer had been willing to pay this price, it would never have appraised. Shockingly, I found out that the $420,000 valuation came from a computer appraisal, (something like Zillow) which had used the homes not even in Easton Village, but across the town in Sharon,mass. These other tracts have always sold for more because they are often on good sized lots and as anyone who knows easton Village can tell you, the lots are a fraction of the size. This illustrates the point, you have to see the homes and know the differences in value based on many factors, not the least of which is lot size. These "computer valuations" are becoming more and more common, so if you need an appraisal or simply want to know what is possible in selling, you MUST have an in-person valuation.

Now I know you want the example of the home that is really worth much more than what Zillow says, and this happens all the time too. I have mentioned in past posts examples of this, including the Tanglewood area home that I closed one month ago for $720,000 when Zillow said $565,000. That was an extreme example, but $20,000 or $30,000 differences occur regularly too. A recent example is a home that I listed in Arborway in Easton  for $750,000. It is a complete remodel with pool at the end of a cul-de-sac. There are 2 offers on it, both in the $700,000s. Zillow says $635,000. Why? The science says, "Price per square foot, pool and not much more." Recent closing have been in far inferior condition, and "comp" this home out  at about $645,000, best case. This is where the "art" comes in. How many homes like this are on the market? None!How desirable is this floor plan? Very! How much does a pool add? A lot more than in most areas! (Arborway attracts families with kids that want them) How much more will some buyers pay for a standard sale versus a distress property? I see typically 5-10%! How emotional is the home? Very! How desirable are the upgrades? Very! (This home had all the right stuff, neutral and well put together) It is why home staging has become such a big business. So, to properly price homes, a good agent(Deric Lipski) has to know these things and a lot more. What are the trends in that neighborhood? At what prices are the homes in escrow? How many competitive listings are there? How many distress sales are on the market now and/or will be in the future? Where are the buyers right now? What is the likely buyer? Are prices stable or still trending down? All of this plus the emotional appeal of the home have to be determined. Add these insights to the things that Zillow cannot quantify - views, privacy, cleanliness, curb appeal, popularity of floor plan, usable lot size and upgrades - and you can see why a computer valuation can never determine the real value of your home!  

Accurate Pricing: Deric Lipski vs Zillow

Deric Lipski 3/9/12 Easton real estate
Since March usually represents the beginning of the "Spring Selling Season," I will tackle a topic that seems especially appropriate - How to Properly Price a Home. Let me start by saying that it is about 75% facts & figures and 25% gut instinct. Put another way, "25% art and 75% science."  It is for that reason that all of the great internet websites that are out there can only give a ballpark as to the real value of a specific home when it is put on the market. Even with tract homes, where we literally have exactly the same square footage and layout from one home to the next, there can be huge differences in ultimate sales price, both LOWER and HIGHER than what Zillow or other sites suggest. Why is that deric? Let me give 2 examples to illustrate. A few years ago, I had a "Easton Village" home in Easton Mass. listed as a short sale. It was highly upgraded and the offer we had for $390,000 was higher than any other Easton Village that had sold. The bank should have been thrilled with the offer price. To my surprise, they suggested that their valuation was $420,000. Now even if the buyer had been willing to pay this price, it would never have appraised. Shockingly, I found out that the $420,000 valuation came from a computer appraisal, (something like Zillow) which had used the homes not even in Easton Village, but across the town in Sharon,mass. These other tracts have always sold for more because they are often on good sized lots and as anyone who knows easton Village can tell you, the lots are a fraction of the size. This illustrates the point, you have to see the homes and know the differences in value based on many factors, not the least of which is lot size. These "computer valuations" are becoming more and more common, so if you need an appraisal or simply want to know what is possible in selling, you MUST have an in-person valuation.

Now I know you want the example of the home that is really worth much more than what Zillow says, and this happens all the time too. I have mentioned in past posts examples of this, including the Tanglewood area home that I closed one month ago for $720,000 when Zillow said $565,000. That was an extreme example, but $20,000 or $30,000 differences occur regularly too. A recent example is a home that I listed in Arborway in Easton  for $750,000. It is a complete remodel with pool at the end of a cul-de-sac. There are 2 offers on it, both in the $700,000s. Zillow says $635,000. Why? The science says, "Price per square foot, pool and not much more." Recent closing have been in far inferior condition, and "comp" this home out  at about $645,000, best case. This is where the "art" comes in. How many homes like this are on the market? None!How desirable is this floor plan? Very! How much does a pool add? A lot more than in most areas! (Arborway attracts families with kids that want them) How much more will some buyers pay for a standard sale versus a distress property? I see typically 5-10%! How emotional is the home? Very! How desirable are the upgrades? Very! (This home had all the right stuff, neutral and well put together) It is why home staging has become such a big business. So, to properly price homes, a good agent(Deric Lipski) has to know these things and a lot more. What are the trends in that neighborhood? At what prices are the homes in escrow? How many competitive listings are there? How many distress sales are on the market now and/or will be in the future? Where are the buyers right now? What is the likely buyer? Are prices stable or still trending down? All of this plus the emotional appeal of the home have to be determined. Add these insights to the things that Zillow cannot quantify - views, privacy, cleanliness, curb appeal, popularity of floor plan, usable lot size and upgrades - and you can see why a computer valuation can never determine the real value of your home!  

Deric Lipski new years

Had an awkward moment on the way to work, I was checking myself out in the window of a car and then realize there was someone inside. AKWARD !!!!!

Follow up from a Refferal with Deric Lipsk and (Greg)

Is your nest Empty- Empty Nesters:

Real Estate 411 -Empty Nesters: Now What? Our lives are a series of changes, many that we initiate and many that are out of our control. We reinvent ourselves, our children grow up and leave home, we get divorced or struggle through personal loss of a loved one. Whatever it may be, we find ourselves with choices. One of those choices is where to live and HOW to live. Possibilities for Empty Nesters For many people, being an "EMPTY NESTER" offers seemingly unlimited possibilities. Some of the most popular choices include: Move to the mountains, lake or ocean to enjoy resort-style living: This is a great option for the over 65 crowd, or for those who are ready and willing to pull up your roots and relocate to a more desireable area to live and play! Pay off your mortgage and stay put: You may be perfectly happy as an empty nester and ready to settle into the peace and quiet of your home. Consider planting that garden you have always wanted or build a workshop for your hobby. Who knows there may be a new business in the making! Downsizing: Selling a large house and opting to move into a smaller house, apartment, condo or retirement housing is often a good decision, especially if the mortgage on your existing house is paid off.  Going into business: If you have a large house (or the money to invest in one) and a flair for hospitality, you may wish to consider running a bed-and-breakfast out of your home. This can be a great source of income, particularly if you live in a touristy or urban area, or near a college - these areas have lots of travelers arriving at various times during the year.  Hosting an exchange student: Providing a temporary home for a foreign-exchange student can be a rewarding experience. Empty nesters who miss having children and teenagers around often enjoy having a young person in the house again, and they get the opportunity to learn about other cultures from the students they host. The Emotional Factor Transitioning from an active household to an empty nester can be an emotionally troubling time. Some people lose their sense of purpose when their children leave home or when they find themselves alone from divorce or death. Others are reluctant to sell the house in which they watched their children grow up and where so many memories have been made. But staying in a house that's too big for your needs can create an unnecessary tax burden. It's always better, from a strict financial standpoint, to downsize or use your larger home to generate income. But take the time to make sure it's the best decision for you emotionally. Real Estate Diversity offers Options Whether you are living in Dallas Fort Worth, Austin, Portland, San Diego or Boston, the diversity in real estate offers generous opportunities for the empty nester. Finding the type of home that fits your needs is key. Here's our list of options that match the statement for your lifestyle choice. What would you choose? Luxury, downtown or historic lofts - I like open space and want to be around people and the buzz of activity. I am an artist and want lots of open space and light. Luxury high-rise - I want something with a fabulous view of the city and concierge services. Townhomes and condominiums - I like living around a lot of people but I'm done with yard work! Mixed-use Development living - I want to be close to shopping and food, no more commuting for me! Suburban homes - The kids and grandkids are around the corner and I want to stay active in the grandkids school activities. Luxury homes -  I have worked hard to get to my position and with the money I have saved and earned from my investments, I intend to live in style! Farm and Ranch - I hate traffic and the city, I want land and space to breathe and enjoy the peace and quiet. Mobile and modular homes - I am on a limited income now and just need to get into something that will be easy on my pocketbook. Lake homes - I'm ready to retire and fish and play! Duplexes - It would be nice to have rental income to help on my house payment. Garden/zero lot homes - I want a real house but since the kids are gone, I don't need a big yard, besides, I hate to do yard work! Vacation homes - I need a small place I can escape to but don't want to give up my home and all it's memories. Gated communities - I want a place to feel safe and secure. Remember, when you decide to make a move, don't do it alone. Contact a real estate professional that will be there for you every step of the way! Call if you need any help at all Deric lipski 508 326 5320