The standard market analysis is simply an estimate of value, of current competitive listings and recent Solds but what it lacks is critical, as it is one of the most important elements….THE FUTURE. When should you put your home on the market?? If you knew that a seller was getting ready to put a home on the market at a price that might drastically reduce the value of your home, would you wait….or would you try to beat that home to the market? In this case, timing is everything! Hence WHY we use Foreclosure Radar to read the future!
(Above, Santa Rosa,Calfifornia as of February 2011–The “P”‘s are Pre-foreclosure with Notice of Defaults filed, “A”‘s stand for Auction or a “sales date by the lender” has been set, “B”s stand for “Bank Owned” or after foreclosure)
So, you’re thinking about selling your home. Within minutes on the internet you’ve most likely determined your best guess at the “value” of your home. But you’ve heard a lot about the inaccuracy of internet property value sites like Zillow. You REALLY are thinking of selling so obtaining a realistic “market price” is essential.
Your next step is to call a Realtor. The Realtor will create a market analysis to further determine your home’s value, and perhaps contradict the information you’ve pulled off the internet. The comparative market analysis (CMA), a system that’s been around for years; it will look at the current inventory, recently sold homes that are comparable to yours….they may even look at expired and withdrawn listings to determine homes that were priced too high. What Mike and I do is to advise you of all of the above but ALSO provide you with the FUTURE!! This is why we use “Foreclosure Radar” for all of our determinations of value!
Foreclosure Radar, a crystal ball of sorts, is a tool that we use in every conversation we have with a seller when determining a marketing plan for your home. In this market, the future listings threatening your home’s value are the bank owned REO properties…the so-called “shadow inventory”. These future sellers have nothing to lose. At this point they are simply collecting a debt, unloading a liability, and clearing their books. Can you compete with that??Foreclosure Radar not only tells us which homes in your neighborhood are Bank Owned (Red B’s). It also alerts us to homes that are heading to auction and when, (Blue A’s). Homes that are in a pre-foreclosure state (GreenP’s) may be preparing for short sale, or eventually come to the market as Bank Owned REOs. As a homeowner considering when to sell your home, this is invaluable information to help prevent future equity erosion.
For a Foreclosure Radar, “snapshot of your neighborhood”, send your street address to, NoDumbQuestion@Gmail.com or give me a call at 707-799-3617.
Be sure that YOUR Realtor has a crystal ball next time you sit down to discuss the sale of your home.