How To Arrive At The Right Price For A Luxury Listing

Another question I get asked repeatedly deals with pricing: how to arrive at the right price for a luxury listing and how to convey that price to a skeptical seller. You have heard me talk about benchmarks and how important it is to establish them for your market.

One of my favorite benchmarks is the sales price of a given property compared to its tax assessment.

Today, I will show you a spreadsheet that organizes recent sales, their assessments and helps you arrive at another pricing metric for your seller.

Hope you enjoy the video.


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Another FREE Luxury Real Estate Unplugged webinar on March 4th, 2014.

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  • Lastly: Think about your own luxury listings and decide which one could benefit from exposure through my newsletter. Send me pictures and a brief description with your contact information and I’ll include the best one with mine in my weekly e-video news blast. Wouldn’t that be great if we had a referral in our group every single week as a result of this video series? In the meantime don’t forget to pass this video to a Realtor friend.
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7 Comments

  1. Larry Lawfer
    02/11/2014

    I get this one and it makes perfect sense. In a town where the assessed values are lower than the sale price, does it make sense to get the home re-assessed either before or after the sale?

    Reply
  2. Mark A. Sisco
    02/11/2014

    Hello jack,

    Excellent spread sheet tool. Please send me the spread sheet via email.

    Regards,
    mark

    Reply
  3. Sharon Alters
    02/11/2014

    Hi Jack, please send these spreadsheets. I am going to start paying attention to assessed values vs. sales prices. In our area, they will be lower than the sales price, but still a useful tool. Thanks! Sharon

    Reply
  4. Billy Cassie
    02/13/2014

    Hi Jack please send me the spreadsheets they would be a great tool to have.
    Thank You
    Billy

    Reply
  5. Geoff Grist
    02/13/2014

    Hi Jack, I have never gone this approach before but can see merit so would be happy to receive the spreadsheets, many thanks Geoff

    Reply
  6. Mellie Cline
    02/25/2014

    Hi, Jack, Usually the assessments in Dallas are MUCH lower than the sales prices, but what makes it a difficult number to use reliably is that we have a period of time after proposed values are posted to protest and have your value reduced. So tax values:market values range wildly based on whether the owner is proactive at keeping their value as low as possible.

    Even so I would appreciate having all of your spreadsheets and any other tool that you use in your business. Thanks so much, Mellie

    Reply
  7. Donna Lavin
    03/05/2014

    Great video. Can you please send me the square footage chart. Thanks for all your presentations.

    Reply

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