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Home sellers who bought after 2007 now overprice their homes 14%
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Rachel LaMar, J.D.
July 14, 2011 at 9:36 am
Great article, and spot-on. It really puts into perspective one of the most difficult challenges of the Realtor today. In order for local markets to recover and return to some semblance of normalcy, we need to price homes properly – meaning according to comparables. This is hard for many sellers to grasp, especially when comparables include short sales and REO properties. Buyers just won't even bother looking if homes are not priced right, and this costs Realtors marketing dollars and time.
Jake Scheeler
July 15, 2011 at 8:56 am
Sorry, Rachel, but REO and short sales are NOT comparables; an indication of current prices, yes, but most definitely not comparables. If I catch an appraiser using short sales and REOs in an appraisal for a traditional sale, or any appraisal for that matter, I will not hesitate to call their competency into question and will firmly dispute and reject their so-called "market value".
Market value is the most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, with the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. REO and short sales are undue stimuli, therefore precluding their consideration in establishing "market value". I'm sorry, but it makes me cringe that so many people believe distressed sales are comparables.