three acres were zoned for high-density condos. The sellers did not know about the zoning, nor did they know the county was planning to build a new road bordering their property. You can see where this one went. In the end, the sellers were not aware they left about $600,000 on the table until condo-building began.
ERRORS IN PRICE ADJUSTMENTS ARE COSTLY
There are times when pricing adjustments may need to be considered. For instance, let’s look at Tim and Sue’s situation.
Comparable Home A: $968,000 Comparable Home B: $949,000 Tim and Sue’s Home: $945,000 Comparable Home C: $945,000 Comparable Home D: $933,000 Comparable Home E: $929,000
Tim and Sue appear to have priced their home competitively for the market. Over the next month, the market changes.
Comparable Home A: Expired Tim and Sue’s Home: $945,000
Comparable Home B: $939,000 (Reduced Price) Comparable Home C: $935,000 (Reduced Price) Comparable Home D: Sold Comparable Home E: Pending Comparable Home F: $926,000 (New Listing) Comparable Home G: $925,000 (New Listing) Comparable Home H: $919,000 (New Listing)
Tim and Sue now have the highest-priced home in the area in
65
Powered by FlippingBook