The Power of Sold Information

By Brett Woolley
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In real estate the market speaks when a house is sold, not when it is listed. The Active List Price can be very misleading because almost every home seller starts out by listing their home way above what similar homes are selling for. That’s why you see charts like the one in my sidebar showing the great disparity between Original List Price and actual Sold Price. In Gilbert, AZ the ratio is currently at 90%, meaning that sellers on average are getting no where close to their original asking price.

There are other problems with focusing on current List Prices. Here in Arizona we still have thousands of short sale listings. In a short sale, the List Price is determined by the Listing Agent, but may be far from what the bank will accept and is therefore a completely arbitrary or outright phony price. In the case of a foreclosure, prices can sometimes be lower than market and multiple bidders actually drive the price up a little. So to really understand the market, you need to know what houses in your area are actually selling for.

The power of Sold Price information is enormous. A well-informed seller is less likely to overprice, and a well-informed buyer is less likely to waste everyone’s time low-balling. So how can you see what homes have sold for? On this Website go to the Home Page and click on the link to search the real, live flexmls system that the agents use. Go to the Map and draw a circle or box around your neighborhood. Zoom in until you see the individual lots. Then at the bottom of the map, click on the blue circle with the letter “i” in it. It’s called the Nosy Neighbor tool. With that tool selected you can click on any lot and see its 10-year history!

You can also go to the top tool bar and click on “Log In.” This will prompt you to register with a Portal into the real flexmls system. Once you have a Portal, I can place a “Saved Search” for sold properties in there that you can view anytime. Using the map feature, you can zoom in to your neighborhood and see what all of the recently sold homes sold for. Knowing what homes actually sold for is the key in real estate. Home buyers and sellers will have a much more efficient experience in their transaction when solidly grounded in reality. And there’s no better way to get there than looking at Sold information.

BrettHalf2Brett Woolley is a professional Buyer’s Agent specializing in helping clients buy homes in the Gilbert, Mesa, Chandler, and Scottsdale AZ areas. Contact Brett at 480-236-2735 for a no-obligation buyer consultation.


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