AgentIndustry News

Can online home-pricing tools get it right?

Determining an accurate listing price
Published on Jul 14, 2009

Overpricing your listing can cause your property to sit on the market for months. How can you tell what the correct listing price is for your property? Last week's column looked at four of the most common mistakes that can cause sellers to overprice their property. Today's column provides a case study that illustrates the steps you and/or your listing agent must take to properly set the correct price for your property. If you're like most sellers, you want to obtain the highest possible amount from your real estate sale. With the creation of online automated pricing tools such as those provided by HomeGain.com and Zillow.com (there are several others but we'll use these as examples), many sellers have turned to these tools as a way to establish what their property is worth.These tools can be a good place to start, but they can also be wildly inaccurate. For example, my current property valuation on Zillow is about 28 percent higher than what the property would sell for in t...

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