Thursday September 21st, 2023

RealSTATs Fact #15: Home prices in Westmoreland County have appreciated 3.2 percent annually from 1993 to 2010.

Buyers, Sellers, and Owners

RealSTATs comprehensive and easy-to-read neighborhood sales reports quickly gives both buyers and sellers more knowledge about the current real estate market. Unlike most CMA’s, RealSTATs shows every sale in the neighborhood, including new construction, sheriff sales and for sale by owners which account for nearly 1/3 of the market.

As a seller, you can avoid the mistake of setting an unrealistic asking price for your property. Some agents will take your listing at a price that they know is too high. Their logic is that if they get your listing, over time they will be able to beat down your asking price. In the meantime, your property becomes shopworn. After a while, people think that there may be something wrong with your property since it has not sold. In reality, it was priced too high to begin with. Had the asking price been realistic from the beginning, the agent would be displaying “Sold” rather than “Price Reduced.”

With RealSTATs, buyers avoid the costly mistake of paying too much for a property. One fellow we helped with an assessment appeal was aghast when he learned that he paid 45% more than market value based on neighborhood sales. Older and unfamiliar with the market, he made a $35,000 mistake.

Numerous property owners have used RealSTATs information to help them appeal their assessment. The professionals in the industry use RealSTATs. So savvy property owners appealing their own assessments are doing the same. With RealSTATs information, owners can establish a neighborhood sale price per square foot. This figure when applied to the subject helps the owner establish their market value.

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