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In this Episode We’ll Answer The Question: How To Establish a Price Trading Range?
Have you ever wondered how an online estimate, like the Z-estimate on Zillow, is calculated? It can be calculated, because there’s enough big public data to guess at a price! But that’s all it is… a guess. Only a property visit can help you make the necessary adjustments to identify an accurate price trading range. Additionally, market place feedback will help you make the necessary adjustments to affect your outcome.
To summarize the key point: It’s easy enough to develop an algorithm to search big public data to make an educated guess as to how much a property will sell for, however only an in-the-field assessment by a real estate professional will help narrow that range to help set a reasonable asking price. Additionally, gathering feedback from the market and taking the necessary actions to make adjustments to either the condition or the price to get you moving.
