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Alex Acker's Advice

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Alex Acker wrote:

Can you provide historical property values on a particular property?

Answer
You have to be careful in assessing market value for properties in a earlier time period. There are other forces at play. The overall inventory in a market, not just inventory for comparable property to your home would have had an impact on market value. In addition, distressed property, we are all going through the filtering of distressed sales. There may have been a great inventory of foreclosures and short sales between 12/31/2011 - 6/30/2012 then there are today or the inverse of that can be true as well. Terry and Tina Ross do have the right idea about making market value determinations by seeing what's recently sold in the last 3 months and questioning several different real estate agents where the current market is heading. This will give you the best indication of where you should be submitting a price offering. Market dynamics changed so frequently, sales from 1 year ago are irrelevant to today's market. Best of luck!
November 26 2012
(0)

why do you reduce the value of my home EVERY WEEK ????

Answer
I just recently went to a realtor conference where the discussion of Zillow estimates or "Zestimates" was briefly covered. If you scroll down all the way to the bottom of the Zillow homepage, you'll find the option to select "About Zestimates". There you'll find where they describe to you the Margin of Error for Zillow estimates. They'll even tell you based on the city or region you are located, the margin of error for your neighborhood or town. Zillow is a second hand resource in comparison to the MLS, properties are not updated or statuses kept current with the active MLS. This is a second hand resource updated by realtors. It's important that you express that to the buyers who come and approach your property. Also keep in mind, the system isn't designed to know the nuances of each neighborhood, items that add or detract value from a home. I had a townhome listing and the Zestimate was based on a penthouse condominium property which is not relevant to a buyer who wants the privacy of a townhome!A zestimate is a reference tool like anything else, it's one of many variables that helps you make a decision. Be sure your listing agent has done a proper market analysis based on recent closed sales and available sales and you will be in great shape. If your home is priced well according to the market, your property will sell! Don't worry or concern yourself about the Zestimate represented on your home, just be sure you're agent is doing everything they can to market the property right for you. The right photos and a full description highlighting the property's best features will get you on the right track to selling your home. Good luck!
November 26 2012
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How will the January 1st expiration of the Bush Tax Cuts affect capital gains for sellers?
Will an extra 8.8% be added to the existing 15%? Will every homeowner who's lived in a home for a period of time and seen appreciation on their home have this tax burden imposed on them if they want to sell their home?
November 26 2012
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Simple ideas every realtor and other professionals on zillow should follow to get a great reputation

Response
Here's a sequence of how I approach first time customers:Most agents want to find buyers who are ready to make a purchase today. However, most buyers starting their real estate search online are just testing the waters. First start by asking "How long have you been searching for a home in the market? Are you testing to see what's available to you?" Give them a chance to respond to that question and they will tell you whether they are ready and motivated to buy today. No need to add pressure to a customer you are cold calling for the first time.If they are just beginning their search, ask them more about their preferences. I watched a HGTV episode on finding a rental home and the host of the show asked the customer to specify FIVE must haves in the future home. This works well for sales or rentals, you start eliminating a lot of options in the market when you work with a priority list of FIVE home preferences. You also appear as an expert because you aren't wasting their time, your time, and you really help your client learn through the process what they really give absolute priority to. Start sending your customer listings periodically, checking in, and making they keep you in their frame of mind.If the buyer is motivated and ready to buy, qualify them!! Make sure they have proof of funds if they want to make a cash purchase or a bank preapproval letter. Making sure a buyer is qualified/eligible to purchase makes you appear more as a professional. Sometime it is best to wait until yu meet the customer in person. If they have on property in particular they really want to see, don't tell them you rather wait until they have proof they are qualified, meet them first! Build the relationship, speak to them in person, and don't take them to a second or third showing until you know they've started the loan approval process.
November 26 2012
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