THE CHALLENGES OF PRICING PROPERTY in a shifting world
There are many skills sets one must have to succeed for Agents, Appraisers, Lenders, Investors, iBuyers, and for home buyers and sellers. Pricing is an “essential skill.” Few have the experience when facing the following possible personal challenges.
Never been inside
Never drove the subdivision
The property is in AS-IS condition
New to real estate
This is not my price point
Haven't been to the area
Don't do many sales per year
The market is quickly changing
There is little to no data
Property is rehabbed or far better than others
Each year thousands of new REALTORS join associations across the USA and some, not all will do their first deal. The consumer, whether buyer or seller, generally expects the agent to have a level of market insight to choose the best comparable and make wise insight to market conditions.
Even experienced agents often have challenges when determining market value and selecting comparable property.
The solution, The Property Pair Report by HomeZoop.
Just enter an address and a possible list price (possible property value)
There are no “search criteria” that the user needs to think through. Just enter an address and a “possible price” and The Property Pair Report will create a CMA report that shows all of the
- Current active properties for sale
- Properties that are under contract
- Sold properties within the last 12 months
- Expired listings also within the last 12 months
The Marketplace Overview – a quick insightful snapshot of that property’s market
The report will demonstrate the “intensity of the market.” The user will quickly see the Velocity Score for that property, thus providing insight as to the immediate trends such as if the market is “red hot” or if it is experiencing a slowdown, or an under or oversupply of inventory. Easy and simple to read.
- Supply vs demand (under or over supply of buyers or sellers)
- Frequency of listings not selling (expireds)
- Speed of sales
- Frequency of price reductions
- Volume of sales in the prior quarter
- Days on market for current listings
There are many factors we view to set a Velocity Score, thereby providing a summary insight in that property’s specific market.
The Property Pairing CMA Report – your records are selected for you
The CMA report will show the list of addresses to consider when determining the potential property value. Each property is given a Match Score, thus providing insight as to which properties are quite possibly “most like the subject property.”
This will result in a significant timesaving for the person selecting the comparable properties. And we believe more accurately point the party to the properties that will help establish the subject’s value.
MATCH SCORE CRITERIA – how matches are selected
- Closest in square footage
- Similar style of the subject
- Similar age
- Similar room count
- Similar tax amount
- Closest in distance
- Same subdivision as the subject
- Similar features
- Similar lot size
- Similar sale price/date**
Reviewing Individual Properties called Paired Records
The very unique feature to HomeZoop’s Property Pair Report is, it “merges the subject record every time with the comparable record.” Every under contract, or sold, or active or expired is individually merged to create an instant, easy to read, easy to interpret property report.
All of the photos are for the comparable record, and all of the remarks, however each of the TEN MATCH FACTORS will show the user the “differences” in the properties, much like an appraisal. It will be easier to quickly determine the key question which is, “Is this property superior, inferior, or the same as the subject property?”
In the end, the viewer of the report will review the photos to determine which property is superior or inferior to the subject property. The Match Score recommends the possible best properties to evaluate, accelerates the process and does 10 key comparisons to provide insight.
Fast. Accurate. Simple. It’s like having your own “data assistant” doing the work for you.
Additional features of the Property Pair Record
- Aerial showing the mapped-out location of both properties, thereby truly seeing how close or far properties are apart from the subject
- Calculation to the distance of the record to the subject, helping you eliminate those that are too far away from the subject
- The history of the comparable record from the first time it was entered in the MLS (showing if it was rented, expired, sold several times) Be super informed about a neighborhood!
- The appreciation or depreciation rate of the record each time it sold if the sale was recording in the MLS, thereby gaining insight to “true reality to what is occurring with appreciation rates.” (coming soon)
COMING SOON – HomeZoop Property Pair will give you a recommended value
Coming at the end of summer 2021, we will have a Property Pair Price for the subject property. Much like Zillow, or other algorithm, our goal is to provide a HomeZoop Pair Price based on both “recent comps”, however we are taking into consideration the Velocity of the market and calculating how that affects property value.
The result. Providing the end user and consumer a short understandable summary of their market Velocity, the best matched properties, and a possible price.