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Pricing mistake No. 3: Emphasizing unsold properties

06/22/2016

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Why do we even include unsold properties on a CMA? After all, the goal in any pricing analysis is pretty simple: show the seller why he or she should price his or her home according to what has actually sold. Pull up properties that have sold, explain why they’re comparable enough to be reliable, and price accordingly. But sellers never want to hear about the sold properties, do they? They want to price according to all the homes that are on the market. After all, those prices are a lot better. Now, we know that most of those properties on the market are in “dreamland,” and they’re never going to sell anywhere near that price. So why do we even include them in the CMA? Even worse, why does almost every CMA program I’ve ever seen put them first? That’s virtually …

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