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More Art than Science

Buyers, Sellers // Nov 04, 2010

Defining the price of a property is no easy task, especially in a market that moves swiftly!

If you ask two people for an opinion, you’re sure to get three points of view. When buyers and sellers do their “own” due diligence on pricing and the market, and it conflicts the broker’s, it leaves the agent having to defend “their” market insight and knowledge.

Understandably, buyers and sellers are always trying to figure out the market because buying a home is the biggest investment they will make in their life. It isn’t like buying a pair of shoes (not even Manolo Blahniks), but that’s exactly why they have to work with an expert.

It is the exception, not the rule, when a property sells for the asking price. The price is often higher in a seller’s market and lower in a buyer’s market. No agent has a magic wand or crystal ball (that I know of). Defining the price of a property, before the market dictates its value, is a process of extrapolating data, putting the pieces together and coming up with a strategy.