My……How things Have changed.
In today’s real estate market, things change very, very fast. It used to be that the real estate would inch up in value 2 or 3% per year. Homes took many months to sell and no one could have ever imagined their home selling in a week or two, let alone a day or two. Yes, we have experienced much change. But then, things changed. Several years ago, we saw very high demand result in multiple offers and very low market times drive prices to historical double digit increases in real estate prices. Wow…it was hard to make a mistake in real estate.
But that was several years ago. The only thing that remains the same in the real estate market is that things continue to change very quickly. Whether you are a buyer or seller, being completely informed of how, where and what changes have affected the real estate market and values before making a move is crucial.
Whenever a potential seller or buyer is considering a sale or purchase of a property, it is critical that they take the step of becoming knowledgeable of the most current market data (or comparables). Without taking this important step, the buyer or seller can easily run the risk of listing a property too high (which greatly increases market time and can adversely affect the final sale price) or too low or in a buyer’s case, paying too much for the property.
Up until recently, the buyer or seller had to depend on something called a “Comparative Market Analysis” which is a paper report including some closed properties up to a year or so old, perhaps some expired listing properties, a sampling of the active similar properties with limited information and a lot of filler pages. Using this method, a potential seller or buyer does not often see a complete or comprehensive picture of the most current market. What was seen by the seller or buyer was just a small sampling of comparables, sometimes too dated to be relevant.
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In August of 2007, Prime Property Partners launched a new client friendly “real time” method of real estate valuation. This method focuses on a more collaborative (partnered) effort between clients and our real estate professionals by evaluating the current marketplace as a team.
Prime Property Partners new offices at 114 Calendar Avenue in La Grange includes comfortable consumer viewing rooms designed for the specific purpose of educating buyer and seller clients. Each viewing room includes a computer with wireless keyboard, a sharp 40 inch flat panel monitor and a high speed internet connection so that each buyer or seller client with the assistance of their agent can access ALL of the same MLS “real time” data that real estate agents and appraisers have access to. The MLS database will seamlessly display more critical information about any comparable properties that is not available on any paper report or any consumer website.
The consumer can finally get a crystal clear, comprehensive picture of the real estate market at any point in time so that they can be very well informed about the local market and comparables before making an important decision about a sale price or purchase price of a property.
Whether you are a potential buyer or seller, call or email Prime Property Partners to schedule your private “Real Time Comprehensive Market Analysis” with one of our real estate advisers in our new convenient offices.
708.354.7355 or GreatInfo@PrimeAnytime.com
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