By James Wedgeworth on March 9th, 2010
I was talking to a Realtor friend of mine in Chicago the other day. On Friday she had listed a great property that she was so excited about – it represented a great value and was priced correctly in the market.
Monday morning, two comparable properties had been reduced in price and the pricing that had been determined on Friday that was correct, was now in fact incorrect. It was hard to believe that she was right on Friday and wrong on Monday.
We had to step back and realize that all markets, especially the real estate market, changes from day to day.
I once had a client who owned a lot in Sea Pines Plantation. He called to get an updated market analysis on his property and I told him that the lot was worth $600,000.
Six months later I heard from my client; he was so excited because he had someone offer him $600,000 for his lot and he had signed a contract. I then told him that his lot at this point was actually worth somewhere around $700,000. My client was distraught because I had previously told him that his lot was worth $600,000.
Again, the market changes from day to day. This is why I think it is important to consult your Realtor regularly as to the value of your property. Remember, you can be right on Friday and wrong on Monday.
By James Wedgeworth on March 8th, 2010
I was eating breakfast at a diner in Estill, South Carolina last weekend. A young woman walked in and she was wearing a tshirt that said “will trade boyfriend for tractor”. I did not really understand her shirt or why she would wear something like this. Then I thought – everyone has things that are important to them.
I recently went to list a 2nd row ocean home in Sea Pines Plantation. When the homeowner told me what they thought their home was worth I was shocked. I went on to tell them that oceanfront homes similar to theirs had not sold for that price.
They came back and said that being 2nd row was better because you did not have people in your backyard all the time.
I understand that this might be what they prefer, but it does not change the market.
It is kind of like if you wanted to sell your Mercedes for more than a Bentley. Just because you might like your Mercedes more, this does not mean that it is worth more than a Bentley.
In my 29 years of selling real estate on Hilton Head I have learned that everyone has their opinion – but again, these opinions don’t always alter the market.
By James Wedgeworth on February 25th, 2010
People call every day and ask what we think their property is worth. The first and most important question we ask is when they purchased their property.
By asking this question, we can get a good idea of where it is in value because we understand what has happened to property values.
I keep a chart in my office that shows property appreciation/depreciation percentages each year since 1990.
By asking what year someone purchased real estate and what they paid for their property, I can give a good estimate of what their property is worth.
What it is worth to you as a seller may not be what it is worth on the market. I often tell people that a property’s worth has a lot to do with the way you use it and the value it is to you and your family.
By James Wedgeworth on February 18th, 2010
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