Performing a Sight-Unseen Preliminary Pricing Estimate and Comparative Market Analysis

The email below is from me to a past client of mine regarding selling his mom’s home in Camp Hill. For reasons I can’t disclose, he needed a pricing estimate quick, like same day, so I didn’t have time to go look at the home. I normally would not give out sight-unseen numbers like this, it’s a recipe for disaster (especially if you estimate too high and then it’s much lower when you see the home), but since I know this client well and he understands that this is a very preliminary estimate and that I must see the house to correctly price it, I quickly got back to him with what he requested. We shall see what the home is actually worth!

Home-pricing-value-how-to-sell-a-house-in-central-pa

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As always, all identities and addresses are kept confidential.

Hey ____________,

Thanks again for thinking of me. Per our conversation this morning, I did a little preliminary research and attached are a Report from an automated realtor only program which puts the number between $178-222K+/- (in the middle would be $200+/-); as well as a few comparable sales in the immediate neighborhood within 1 year that I pulled – based on the comparable sales I estimate the value in the range of $210-230K+/-. The zestimate is $222K+/-, but they are up to 20% wrong 80% of the time (I think that’s the stat-don’t quote me on that), so take that one with a grain of salt, but it does seem to be somewhat accurate this time. It’s assessed by Cumberland County for tax purposes at $191K+/- (not that this number really means anything because the county doesn’t really do any research at all to come up with their assessed values, but good to know what it is assessed at, because if it were worth a lot less than the assessed value, then we know to appeal the assessment to get the taxes reduced – but doesn’t seem to be the case here). Obviously you get that I haven’t seen the house yet and have no idea of condition or layout or access or any nuances etc., so this estimate could change once I see it, but this should give you a little to go on for now. I’m basically just assuming it’s in similar condition to these comps, and the efficiency apartment might add a little, but then being right on 21st St./a busy street evens it back out.

Unless I’m losing it and missing something major, it looks like you might be in a bit better position than you were thinking. Even if it needs a bunch of work, you should hopefully still be ahead of the number you threw out (knock on wood). …and there’s nothing on the market right now, so that should help us too. Let me know if you’d like me to take a look at it in person to better gauge a potential listing price and what you can really expect to get.

At $220K, you would be left with roughly $203K after all closing costs and broker fees are paid, but before any loan payoffs, if any. (You can take any purchase price times 0.925 to estimate the proceeds after selling costs like I did here above)

Keep me posted and let me know any questions and/or concerns you have. Thanks again for reaching out and I look forward to hopefully working with you again!

https://ClientSatisfactionFirst.com
Derek Bicksler
RSR, REALTORS

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