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Answers (10)
- real estate mike
- Contributions:2001
worst(worse,most horrible) house in the best neighborhood that fits your needs and the seller is at a disadvantage. Some r.e. investment companies simply offer much less than current cma values and a certain percent of owners just say the heck with it and let it go.
How about this scenario, the owners inherit the house and upon arrival for the first time think that the house is haunted and want nothing to do with it!
Or this, you are a self proclaimed country boy(hick), so what are the odds of having to compete with a line of investors on the county courthouse steps for a property that is going for a ridiculous sum to cover a cost to the county.
Check the obits for a double homicide, if they owned the house outright no surviving beneficiaries then you could have a winner!
Yeah me, that's all I got.
How about this scenario, the owners inherit the house and upon arrival for the first time think that the house is haunted and want nothing to do with it!
Or this, you are a self proclaimed country boy(hick), so what are the odds of having to compete with a line of investors on the county courthouse steps for a property that is going for a ridiculous sum to cover a cost to the county.
Check the obits for a double homicide, if they owned the house outright no surviving beneficiaries then you could have a winner!
Yeah me, that's all I got.
- sunnyview
- Contributions:25120
How do you you view the market right now?
How did you view the market in 2006?
Did you buy or sell any property personally between 2002-2010? Why?
Have you ever been foreclosed on? If so why?
Do you believe in following historical values or do you feel that other things are a better indicator of value?
Do you believe that there is a relationship between rent, sales prices and income? Why?
Average days on market?
Trend of listing prices up or down?
Any major employment/employer changes in the last 6 months?
Population trends? Are they rising or falling? Why?
How did you view the market in 2006?
Did you buy or sell any property personally between 2002-2010? Why?
Have you ever been foreclosed on? If so why?
Do you believe in following historical values or do you feel that other things are a better indicator of value?
Do you believe that there is a relationship between rent, sales prices and income? Why?
Average days on market?
Trend of listing prices up or down?
Any major employment/employer changes in the last 6 months?
Population trends? Are they rising or falling? Why?
- Pasadenan
- Contributions:21425
What is your definition of "gentrification"?
How do you measure it?
What is your definition of "white flight"?
How do you measure it?
What is the median household income in a specific group of blocks in a neighborhood?
What is the upper and lower quartile income in the same group of blocks?
How does this correlate to housing prices?
How do you measure it?
What is your definition of "white flight"?
How do you measure it?
What is the median household income in a specific group of blocks in a neighborhood?
What is the upper and lower quartile income in the same group of blocks?
How does this correlate to housing prices?
- Pasadenan
- Contributions:21425
Are you good at negotiation?
How will you negotiate your fee?
How much money on average does a licensed agent save a seller? (Beware, this is a trick question). Why?
Are you better at negotiating for a buyer or for a seller?
How much above asking and how much below asking has been typical in each case? If your are ethical, why is it OK to accept 10% off when representing the buyer, but not OK to accept 3% off when representing the seller?
Is it legal for an agent to disclose their fees publicly? Why? Can you reference a specific law or case law decision?
What measurements do you have for traffic volume and traffic speed on specific streets in the neighborhoods you serve? What is the noise level?
Which is noiser, speed humps, speed bumps, traffic lights, 2-way stop signs, all way stop signs, chokers, intersections with no traffic control, or other? Why? How does distance from the intersection affect the noise level?
How will you negotiate your fee?
How much money on average does a licensed agent save a seller? (Beware, this is a trick question). Why?
Are you better at negotiating for a buyer or for a seller?
How much above asking and how much below asking has been typical in each case? If your are ethical, why is it OK to accept 10% off when representing the buyer, but not OK to accept 3% off when representing the seller?
Is it legal for an agent to disclose their fees publicly? Why? Can you reference a specific law or case law decision?
What measurements do you have for traffic volume and traffic speed on specific streets in the neighborhoods you serve? What is the noise level?
Which is noiser, speed humps, speed bumps, traffic lights, 2-way stop signs, all way stop signs, chokers, intersections with no traffic control, or other? Why? How does distance from the intersection affect the noise level?
- Pasadenan
- Contributions:21425
By the way, if you gave that test to any Realtor (except perhaps a professional mathematician, statistician, engineer, or professor), they would probably fail.
That is not what they mean by "knowing their market".
That is not what they mean by "knowing their market".
- Pasadenan
- Contributions:21425
Median trend value
Median trend sold price
Median trend listing price
Average drop in listing price
Average % off of list price for closed price.
(Check Zillow's local info pages for more...)
Difference between an average, median, mean, and mode.
Definition of a "normal distribution curve"
Definition of "standard deviation"
Importance of standard deviation.
Definition of a "log normal distribution"
What is a "least squares curve fit"?
What is linear regression?
What is "multiple linear regression"?
Have you ever done multiple linear regression?
How do you extrapolate values for the known delay of sold date of comparables and the delay between offer and closing, and the delay for when sold data becomes public?
What is the list pricing distribution for all houses in the neighborhood?
What is the sold pricing distribution for all sales in the past 6 months in the neighborhood?
What is the estimated value distribution for all housing units in the neighborhood?
Would you approximate those distributions as "normal distributions", "log normal distributions", or a superposition of several normal distributions, or some other distribution function? Do you have a method for calculating an approximate distribution formula? Is it a linear function?
What does price per square foot mean to you?
What does price per bedroom and price per bathroom mean to you?
If you use price per square foot, what do you do for land value?
How do you factor in storage cabinets and fine carpentry and casework?
What does the U.S. Census data say about housing costs, both rental and owner occupied, both with utilities and without?
What is the quartile data in the past several U.S. censuses?
How does upper and lower tier trends differ from quartile data?
Can you convert upper and lower tier trends to quartile data? How about vice versa? What assumptions do you make when doing so?
Median trend sold price
Median trend listing price
Average drop in listing price
Average % off of list price for closed price.
(Check Zillow's local info pages for more...)
Difference between an average, median, mean, and mode.
Definition of a "normal distribution curve"
Definition of "standard deviation"
Importance of standard deviation.
Definition of a "log normal distribution"
What is a "least squares curve fit"?
What is linear regression?
What is "multiple linear regression"?
Have you ever done multiple linear regression?
How do you extrapolate values for the known delay of sold date of comparables and the delay between offer and closing, and the delay for when sold data becomes public?
What is the list pricing distribution for all houses in the neighborhood?
What is the sold pricing distribution for all sales in the past 6 months in the neighborhood?
What is the estimated value distribution for all housing units in the neighborhood?
Would you approximate those distributions as "normal distributions", "log normal distributions", or a superposition of several normal distributions, or some other distribution function? Do you have a method for calculating an approximate distribution formula? Is it a linear function?
What does price per square foot mean to you?
What does price per bedroom and price per bathroom mean to you?
If you use price per square foot, what do you do for land value?
How do you factor in storage cabinets and fine carpentry and casework?
What does the U.S. Census data say about housing costs, both rental and owner occupied, both with utilities and without?
What is the quartile data in the past several U.S. censuses?
How does upper and lower tier trends differ from quartile data?
Can you convert upper and lower tier trends to quartile data? How about vice versa? What assumptions do you make when doing so?
- Dan, "the_country_hick"
- Contributions:4691
Does anyone have any more ideas? There must be more.
- Dan, "the_country_hick"
- Contributions:4691
Is there more to ask here? I want a extremely thorough list to really highlight what an agent knows or does not about their market reality.
- Dan, "the_country_hick"
- Contributions:4691
Lyn, my plan is simple. Buy a house and die in the same house of extreme old age. (in another thousand years or so |;<{) )
(I would like the information you offered as it could be useful)
However, not wanting to overpay I am patient and willing to wait to buy. If I buy now and could have saved $25,000 buying later on that would really hurt me.
I was priced out of the market during the bubble years. I know what prices were before the bubble came along. It makes sense that prices would drop more as the bubble slowly goes away.
I may be buying a house to live in yet I am looking at the transaction as an investor would to protect my assets. Finding a realtor who knows how to do that also is important so I can trust their actual knowledge instead of the B.S. ability.
I am very risk averse. Having had a few things go wrong and costing me far to much have made that happen.
One other question would be
" How does the cost of rent compare to the cost of buying?"
(I would like the information you offered as it could be useful)
However, not wanting to overpay I am patient and willing to wait to buy. If I buy now and could have saved $25,000 buying later on that would really hurt me.
I was priced out of the market during the bubble years. I know what prices were before the bubble came along. It makes sense that prices would drop more as the bubble slowly goes away.
I may be buying a house to live in yet I am looking at the transaction as an investor would to protect my assets. Finding a realtor who knows how to do that also is important so I can trust their actual knowledge instead of the B.S. ability.
I am very risk averse. Having had a few things go wrong and costing me far to much have made that happen.
One other question would be
" How does the cost of rent compare to the cost of buying?"
- Lyn Miller, "Lmiller1955"
- Contributions:17
Hi Dan,
those are all good questions. My first question to you is , , What is your exit strategy ? Do you plan to buy for yourself to live ? ,Do you plan to live there for 5 years ? 10 years ? , , are you wanting a move up house? a downsize ? , What area do you want ? what is important to you ? , , near the ocean ? a man made lake ? close to schools and shopping ?
next question is , , do you plan to buy and hold ? buy and flip ? buy and wholesale ? Do you want to rehab ? have you done it before ? do you have enough in reserves ? How much risk are you willing to take ? Please let me know if you would like me to send you the ten mistakes that most entry level investors make.
those are all good questions. My first question to you is , , What is your exit strategy ? Do you plan to buy for yourself to live ? ,Do you plan to live there for 5 years ? 10 years ? , , are you wanting a move up house? a downsize ? , What area do you want ? what is important to you ? , , near the ocean ? a man made lake ? close to schools and shopping ?
next question is , , do you plan to buy and hold ? buy and flip ? buy and wholesale ? Do you want to rehab ? have you done it before ? do you have enough in reserves ? How much risk are you willing to take ? Please let me know if you would like me to send you the ten mistakes that most entry level investors make.
What questions should be asked of an agent to know they really are aware of market trends?
What is the average DOM for a sale? Include the actual (or continuous days) on market.
How many expired listings have there been in this area?
How many NOD's are there?
What percentage of sales are foreclosures?
What percentage of sales are short sales?
When creating a CMA do you use foreclosures and short sales as comparables? If yes why, If no why not?
Are foreclosure numbers increasing or decreasing?
Are short sale numbers increasing or decreasing?
How many houses have sold in the past month, 3 months, 6 months and year?
How many houses sold 3 years ago and 5 years ago.
What was the average (median?) price houses have sold for over those same time frames?
How much by percentage have house prices changed over that time and in what direction?
I know there is more to ask. What am I missing here?
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