What happens when comparative market analyses, Zillow Zestimate, and assessments on a property come in at drastically different values?
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I’m excited to share a story about pricing property with you today.
Recently, we were involved with the sale of a property located in Carlisle, Massachusetts in which we represented the seller. This was a very beautiful ranch-style five-bedroom home with three baths; however, we did experience some confusion when trying to accurately price this property.
The first comparative market analysis of the home that I brought to the seller indicated a value of about $760,000. Zillow estimated the property’s value at about $794,500, and the assessment from the town came in at $632,000. When all was said and done, the list price of the property ended up being $799,999.
A property’s uniqueness can affect its sale price.
Here’s the rub: the appraisal came in at $700,000 after we entered into a contract for a purchase price of $800,000. So what was the final sale price? Long story short, the property sold for $800,000 – the full price that it had been under contract for. Even though the appraisal came in $100,000 below the agreed-upon price, there was enough legitimate leveraging value to make the deal at this price.
If you have any other questions regarding pricing property or anything else, please give us a call or send us an email. We look forward to hearing from you.
