Zillow Advice: Selling Process - What questions should be asked of an agent to know they really are aware of market trends? http://www.zillow.com/advice-thread/What-questions-should-be-asked-of-an-agent-to-know-they-really-are-aware-of-market-trends/375817/ Zillow Advice | Zillow Real Estate worst(worse,most horrible)&nbsp;house ... http://www.zillow.com/advice-thread/What-questions-should-be-asked-of-an-agent-to-know-they-really-are-aware-of-market-trends/375817/ worst(worse,most horrible)&nbsp;house in the best neighborhood that fits your needs and the seller is at a disadvantage.&nbsp;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. <br/>&nbsp; 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! <br/>&nbsp; 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.<br/>&nbsp; Check the obits for a double homicide, if they owned the house outright no surviving beneficiaries then you&nbsp;could have a winner!<br/>&nbsp;&nbsp; Yeah me, that's all I got.&nbsp; Wed, 01 Dec 2010 04:02:00 GMT http://www.zillow.com/advice-thread/What-questions-should-be-asked-of-an-agent-to-know-they-really-are-aware-of-market-trends/375817/ 2010-12-01T04:02:00Z How do you you view the market ... http://www.zillow.com/advice-thread/What-questions-should-be-asked-of-an-agent-to-know-they-really-are-aware-of-market-trends/375817/ How do you you view the market right now?<br/>How did you view the market in 2006?<br/>Did you buy or sell any property personally between 2002-2010? Why?<br/>Have you ever been foreclosed on? If so why?<br/>Do you believe in following historical values or do you feel that other things are a better indicator of value?<br/>Do you believe that there is a relationship between rent, sales prices and income? Why?<br/>Average days on market?<br/>Trend of listing prices up or down?<br/>Any major employment/employer changes in the last 6 months?<br/>Population trends? Are they rising or falling? Why?<br/> Tue, 30 Nov 2010 23:26:00 GMT http://www.zillow.com/advice-thread/What-questions-should-be-asked-of-an-agent-to-know-they-really-are-aware-of-market-trends/375817/ 2010-11-30T23:26:00Z What is your definition of ... http://www.zillow.com/advice-thread/What-questions-should-be-asked-of-an-agent-to-know-they-really-are-aware-of-market-trends/375817/ What is your definition of "gentrification"?<br/>How do you measure it?<br/><br/>What is your definition of "white flight"?<br/>How do you measure it?<br/><br/>What is the median household income in a specific group of blocks in a neighborhood?<br/>What is the upper and lower quartile income in the same group of blocks?<br/>How does this correlate to housing prices? Tue, 30 Nov 2010 22:18:00 GMT http://www.zillow.com/advice-thread/What-questions-should-be-asked-of-an-agent-to-know-they-really-are-aware-of-market-trends/375817/ 2010-11-30T22:18:00Z Are you good at negotiation?How ... http://www.zillow.com/advice-thread/What-questions-should-be-asked-of-an-agent-to-know-they-really-are-aware-of-market-trends/375817/ Are you good at negotiation?<br/>How will you negotiate your fee?<br/><br/>How much money on average does a licensed agent save a seller?&nbsp; (Beware, this is a trick question).&nbsp; Why?<br/><br/>Are you better at negotiating for a buyer or for a seller?&nbsp; <br/>How much above asking and how much below asking has been typical in each case?&nbsp; 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?<br/><br/>Is it legal for an agent to disclose their fees publicly?&nbsp; Why?&nbsp; Can you reference a specific law or case law decision?<br/><br/>What measurements do you have for traffic volume and traffic speed on specific streets in the neighborhoods you serve?&nbsp; What is the noise level?<br/><br/>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?&nbsp; Why?&nbsp; How does distance from the intersection affect the noise level? Tue, 30 Nov 2010 22:14:00 GMT http://www.zillow.com/advice-thread/What-questions-should-be-asked-of-an-agent-to-know-they-really-are-aware-of-market-trends/375817/ 2010-11-30T22:14:00Z By the way, if you gave that ... http://www.zillow.com/advice-thread/What-questions-should-be-asked-of-an-agent-to-know-they-really-are-aware-of-market-trends/375817/ By the way, if you gave that test to any Realtor (except perhaps a professional mathematician, statistician, engineer, or professor), they would probably fail.<br/><br/>That is not what they mean by "knowing their market".<br/> Tue, 30 Nov 2010 21:47:00 GMT http://www.zillow.com/advice-thread/What-questions-should-be-asked-of-an-agent-to-know-they-really-are-aware-of-market-trends/375817/ 2010-11-30T21:47:00Z Median trend valueMedian ... http://www.zillow.com/advice-thread/What-questions-should-be-asked-of-an-agent-to-know-they-really-are-aware-of-market-trends/375817/ Median trend value<br/>Median trend sold price<br/>Median trend listing price<br/>Average drop in listing price<br/>Average % off of list price for closed price.<br/><br/>(Check Zillow's local info pages for more...)<br/><br/>Difference between an average, median, mean, and mode.<br/><br/>Definition of a "normal distribution curve"<br/>Definition of "standard deviation"<br/>Importance of standard deviation.<br/>Definition of a "log normal distribution"<br/>What is a "least squares curve fit"?<br/>What is linear regression?<br/>What is "multiple linear regression"?<br/>Have you ever done multiple linear regression?<br/>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?<br/><br/>What is the list pricing distribution for all houses in the neighborhood?<br/>What is the sold pricing distribution for all sales in the past 6 months in the neighborhood?<br/>What is the estimated value distribution for all housing units in the neighborhood?<br/><br/>Would you approximate those distributions as "normal distributions", "log normal distributions", or a superposition of several normal distributions, or some other distribution function?&nbsp; Do you have a method for calculating an approximate distribution formula?&nbsp; Is it a linear function?<br/><br/>What does price per square foot mean to you?<br/><br/>What does price per bedroom and price per bathroom mean to you?<br/><br/>If you use price per square foot, what do you do for land value?<br/><br/>How do you factor in storage cabinets and fine carpentry and casework?<br/><br/>What does the U.S. Census data say about housing costs, both rental and owner occupied, both with utilities and without?<br/><br/>What is the quartile data in the past several U.S. censuses?<br/><br/>How does upper and lower tier trends differ from quartile data?<br/><br/>Can you convert upper and lower tier trends to quartile data?&nbsp; How about vice versa?&nbsp; What assumptions do you make when doing so?<br/> Tue, 30 Nov 2010 21:42:00 GMT http://www.zillow.com/advice-thread/What-questions-should-be-asked-of-an-agent-to-know-they-really-are-aware-of-market-trends/375817/ 2010-11-30T21:42:00Z Does anyone have any more ... http://www.zillow.com/advice-thread/What-questions-should-be-asked-of-an-agent-to-know-they-really-are-aware-of-market-trends/375817/ Does anyone have any more ideas? There must be more. Tue, 30 Nov 2010 18:40:00 GMT http://www.zillow.com/advice-thread/What-questions-should-be-asked-of-an-agent-to-know-they-really-are-aware-of-market-trends/375817/ 2010-11-30T18:40:00Z Is there more to ask here? ... http://www.zillow.com/advice-thread/What-questions-should-be-asked-of-an-agent-to-know-they-really-are-aware-of-market-trends/375817/ 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. Wed, 24 Nov 2010 03:25:00 GMT http://www.zillow.com/advice-thread/What-questions-should-be-asked-of-an-agent-to-know-they-really-are-aware-of-market-trends/375817/ 2010-11-24T03:25:00Z Lyn, my plan is simple. Buy ... http://www.zillow.com/advice-thread/What-questions-should-be-asked-of-an-agent-to-know-they-really-are-aware-of-market-trends/375817/ Lyn, my plan is simple. Buy a house and die in the same house of extreme old age. (in another thousand years or so |;&lt;{)&nbsp; )<br/><br/>(I would like the information you offered as it could be useful)<br/><br/>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. <br/><br/>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.<br/><br/>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.<br/><br/>I am very risk averse. Having had a few things go wrong and costing me far to much have made that happen. <br/><br/>One other question would be <br/>" How does the cost of rent compare to the cost of buying?" Tue, 23 Nov 2010 01:53:00 GMT http://www.zillow.com/advice-thread/What-questions-should-be-asked-of-an-agent-to-know-they-really-are-aware-of-market-trends/375817/ 2010-11-23T01:53:00Z Hi Dan, &nbsp;those are all ... http://www.zillow.com/advice-thread/What-questions-should-be-asked-of-an-agent-to-know-they-really-are-aware-of-market-trends/375817/ Hi Dan, <br/>&nbsp;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 ?&nbsp;&nbsp; 10 years ? , , are you wanting a move up house? a downsize ? , What area do you want ? what is important to you ? , , near the ocean ?&nbsp; a man made lake ?&nbsp; close to schools and shopping ? <br/>next question is , , do you plan to buy and hold ? buy and flip ?&nbsp; buy and wholesale ?&nbsp; Do you want to rehab ?&nbsp; have you done it before ? do you have enough in reserves ?&nbsp; 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. Tue, 23 Nov 2010 01:23:00 GMT http://www.zillow.com/advice-thread/What-questions-should-be-asked-of-an-agent-to-know-they-really-are-aware-of-market-trends/375817/ 2010-11-23T01:23:00Z