A Few Notes on Pricing

While current local market conditions indicate a rise in home prices due to a dearth of listings, leading to some multiple offer situations, the market shows that the homes that command higher offer prices and multiple offers are in excellent condition and in excellent locations. Market conditions demand properties that are in good condition. Buyers want houses that are magazine and television perfect and move-in ready.

Prices and days-on-market statistics for homes that are not in perfect condition, that do not show well due to wear and tear, structural issues, or with dated finishes and floorplans are not selling as quickly or with very high prices. Cosmetic issues, such a being dated or needing new carpets and paint negatively affect both price and on-market time. Structural or repair issues such as dry rot, plumbing problems and vermin significantly affect price. In addition, lenders using both federal and local programs frequently will not lend on properties with structural issues.

Real estate estimate websites, such as Zillow, estimate only by giving a cursory examination to the current comparable neighborhood data and tax records, not a property visit.  Zillow is based on a computer algorithm that only encompasses number data like square feet, bedrooms, bathrooms, remodels, etc. from county and listing records and may include local short sales and REO's in the sale price algorithm. RMLS is no longer giving Zillow the data feed, so Zillow data for the Portland area is more inaccurate than ever.  Only the companies that provide the feed themselves (RE/MAX does) and individual agents who upload their listings by hand make up the Zillow data for Portland. A computer program can not accurately estimate property valuation as there are a variety of amenities, neighborhood information, and specific property features that factor into the value of each property. Only an appraisal report will be more accurate than a comparative market analysis (CMA) from a real estate professional.

Christy Walton, Broker

RE/MAX equity group

goodnightchristy@gmail.com

http://www.goodnightchristy.com

o.503-495-5793

c.503-793-3345

Finding the perfect home for your "Goodnight".

Licensed in the state of Oregon