Or is it the interpretation of that data that adds value to a consumer, a patient, or an investor? If my financial advisor gave me a couple of prospectuses and asked me how I want to invest my retirement funds they would not bring much “value” to my decision making process. If a doctor gave me the statistics about a particular condition or disease but didn’t educate me about the risk vs. benefits of a preventative procedure…..then what use would all his years of experience be to me? If my lawyer read the law to me and left me to proceed without his expertise what value would there be in hiring him?
We all know that consumers want value. I am a value-oriented consumer myself. There is nothing quite like getting your money’s worth for a product or service. It makes me want to do a happy dance. On the other side of that coin I am equally miffed each and every time I get short changed. I work hard for my money and it chaps me to no end when I pay for a product that doesn’t meet my expectations, or I am “served” by people with a bad attitude.
In real estate data is readily available. Not as much so in Wyoming as it is in other states because Wyoming is a non-disclosure state so sale prices of real estate are not of public record here. Even so…..sold, pending, active, and failed to sell are all categories that must be analyzed when attempting to navigate any real estate market. Values are primarily determined by comparing similar sold properties to the subject but there are many other issues in play before the homeowner or the potential buyer really knows all they need to know and is ready to make an informed decision.
- How long were the comparables properties on the market and is that more or less than the average DOM (days on market) in that area?
- Were there incentives offered? Are those typical or unusual in this market?
- Was there any internal or external obsolescence related to the sales price or DOM of any of the comps?
- How many times was the property list price reduced? Why?
- Why did some similar properties not sell at all during their listing period?
- What economic issues affected the salability of the comps? Interest rates? Job market? Fear? Urgency?
- Were any of the sales distressed?
If you are looking to buy or sell real estate I strongly suggest you hire a professional that has the experience to interpret the data and show you how the data affects your specific and unique situation. No one would put up with financial advisor who makes decisions for them or a doctor who would jump the gun. Your real estate professional should always keep you in the position of decision maker. We disclose…..you decide. It is our job to provide you with not just the data but accurate interpretation of that data so that you are in the best possible position.
I heard an expression not long ago that really resonated with me. It said….”90% of making any decision is gathering information.” Let us help you gather information before making one of life’s most important decisions.