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So far I've met with one "traditional" agent .. well actually a broker that has his own company and one Redfin agent .
I was kind of surprised by the Redfin agents suggested list price as it was much lower than what the "traditional" broker mentioned . Traditional agent said around $489k and Redfin agent was saying $399k but could try 445k and lower the price if we got no offers .
The Redfin agent said he had like 17 years experience as an agent and about 7 years with Redfin and said he's closed like 200+ properties .
Traditional agent says he sold 160 or so properties last year . Says he spends about 40k month on marketing .
Traditional agent said around $489k and Redfin agent was saying $399k but could try 445k and lower the price if we got no offers .
You need another opinion, or two. To be almost $100k off in that price point is not accurate. For the one agent to recommend $399k, but to try at $445k sounds way off. Why would he want to list $50k over what he thinks it'll sell for. How does the first agent think they can get $489k, if the other won't touch that price?
Something is off, and you need to talk with more people.
So far I've met with one "traditional" agent .. well actually a broker that has his own company and one Redfin agent .
Is this the guy who only charges 1/2%? If he's experienced, knowledgeable, good at what he does, and loans money out at 0% interest for repairs then this might be the best agent value in the WORLD.
Quote:
Originally Posted by jm1982
I was kind of surprised by the Redfin agents suggested list price as it was much lower than what the "traditional" broker mentioned . Traditional agent said around $489k and Redfin agent was saying $399k but could try 445k and lower the price if we got no offers
Quote:
Originally Posted by FalconheadWest
You need another opinion, or two. To be almost $100k off in that price point is not accurate. For the one agent to recommend $399k, but to try at $445k sounds way off. Why would he want to list $50k over what he thinks it'll sell for. How does the first agent think they can get $489k, if the other won't touch that price?
Something is off, and you need to talk with more people.
Agreed. Something seems fishy here. Also, "let's start high and lower the price" is AWFUL advice. Try to get the price right straight out of the gate. One of these two agents is wrong about the price because they're both quite far apart. A $50K spread on a list price at that price point seems like a WIDE margin for error too. I would think they'd be able to give you a tighter range than that.
You need another opinion, or two. To be almost $100k off in that price point is not accurate. For the one agent to recommend $399k, but to try at $445k sounds way off. Why would he want to list $50k over what he thinks it'll sell for. How does the first agent think they can get $489k, if the other won't touch that price?
Something is off, and you need to talk with more people.
Yeah I was surprised there would be such a difference . From my own research of sold comps 489k seems a lot more accurate than 399k
There was one that sold on the same street a block over but it was a lot smaller and sold for $400k .
The house next door was a lot smaller and needed work and sold years ago for $350k , market has gone up a lot since then .
It seems like $399k I might as well just sell to a cash buyer investor and not bother listing .
Yeah I was surprised there would be such a difference . From my own research of sold comps 489k seems a lot more accurate than 399k
There was one that sold on the same street a block over but it was a lot smaller and sold for $400k .
The house next door was a lot smaller and needed work and sold years ago for $350k , market has gone up a lot since then .
It seems like $399k I might as well just sell to a cash buyer investor and not bother listing .
I'd be curious to know what redfin's website has your property estimated at.
Yeah I was surprised there would be such a difference . From my own research of sold comps 489k seems a lot more accurate than 399k
There was one that sold on the same street a block over but it was a lot smaller and sold for $400k .
The house next door was a lot smaller and needed work and sold years ago for $350k , market has gone up a lot since then .
It seems like $399k I might as well just sell to a cash buyer investor and not bother listing .
If those sales are more than 3 months old, they are pretty much meaningless. If they are over 6 months old, they are totally meaningless.
Is this the guy who only charges 1/2%? If he's experienced, knowledgeable, good at what he does, and loans money out at 0% interest for repairs then this might be the best agent value in the WORLD.
Agreed. Something seems fishy here. Also, "let's start high and lower the price" is AWFUL advice. Try to get the price right straight out of the gate. One of these two agents is wrong about the price because they're both quite far apart. A $50K spread on a list price at that price point seems like a WIDE margin for error too. I would think they'd be able to give you a tighter range than that.
No the traditional one offering to loan for 0% said commission would be 6% including both sides .
That is the one that suggested $489k list price .
The Redfin agent first mentioned $399k and I said that sounded very low then that's when he mentioned the option of listing at the higher price point and reducing the price if it doesn't attract offers .
I'd be curious to know what redfin's website has your property estimated at.
Redfin has it estimated today at 411,000 . The comp that comes up is a 3/2 1324 sq ft house that is on the same street one block away which sold for $400,000 mid December .
My place has 4 bedroom 4 bathrooms and is 1789 ft
The market has not been declining in the area and has only been going up just like much of the country.
The home that sold for $400,000 looked ok inside but definitely not updated .
If those sales are more than 3 months old, they are pretty much meaningless. If they are over 6 months old, they are totally meaningless.
Yeah prices are still appreciating in this area . Closest comp is from about 3 months ago .. but it's a smaller home as I mentioned previously so it's not really a great comp .
I'd be curious to know what redfin's website has your property estimated at.
The values you see on websites like Redfin, Zillow, etc. have little basis in reality. They're usually wrong and depending on the area can often be very wrong.
Quote:
Originally Posted by jm1982
No the traditional one offering to loan for 0% said commission would be 6% including both sides .
That is the one that suggested $489k list price .
The Redfin agent first mentioned $399k and I said that sounded very low then that's when he mentioned the option of listing at the higher price point and reducing the price if it doesn't attract offers .
That makes sense to me. I couldn't see an agent lending money for free and working his back side off only to earn 1/2%. There's a reason why so many "discount" brokerages shut down. They don't cover the overhead.
Sounds like the Redfin agent was trying to "buy" your listing. The price they gave you didn't make you happy so despite what they felt the comps were telling them they upped their listing price hoping that you would bite. Did this agent give you comps that support their list price estimate? If the comps don't make sense or the comps don't support this price then this agent isn't familiar with your area and isn't someone you want to hire.
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