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Snowfall totals and your house value, what do they have in common?

January 11, 2011

What exactly is your house worth in New Milford, CT and exactly how much snow will we get?

New Milford, CT real estate talk.

Real estate prices and snow totalsThis morning I watched the weather intently on the local news. The predictions for the amounts of snow in the part of CT I live in are substantial, when all is said and done it looks to be around 14 inches or more. This morning I came in the office and someone was talking about how they watched the weather on a New York news station reported my part of CT was only going to get up to 12 inches, more or less. The CT station indicated the heaviest portion of the snow would be central and northwestern CT, yet the New York station called for more snow in the other parts of CT, significant amounts. (and by the way, if you are shoveling the stuff, 2 inches can make a huge difference) How could that be? That is a huge difference. Perhaps the person heard wrong or maybe the maps and charts the meteorologist used tell a different story in his mind. Seriously, how could this be?

Reminds me of a meeting I had with a prospective seller. Armed with my market analysis and stats, I came in at a price I was sure of. Of course the other agent had come in armed with a market analysis and stats and came in at price a bit higher than mine, and she was sure of that too! The sellers asked me how we could both be using the same tools, same charts and maps and be that far apart?

I don’t know for a fact if I am right, and I don’t know for a fact that I am wrong. My expertise tells me that I am pretty darn close however. I am sure the other agent believes the same. What I did have in my charts and maps were 2 additional items that painted a very clear picture to the homeowner. I had the current absorption rate for the town, (how long it will take to sell the current inventory based on what the market is doing) and a one line print out of all the homes in the targeted range. (I used a $50,000 spread). My comps consisted of the recent sales that affected the price, and the active listings that will be direct competition. I also gave them one more piece to the puzzle, new construction prices for the same sized home at the same price they were given by the other agent (for their 20 year old home). I also factored in the most important piece of information. They needed to sell quickly. My advice? If you want this puppy to sell, you better be under your best competition! Next time I will be armed with my current monthly sales, I had them in my head, but in print it is a different story. Although I am confident of the price I gave, there is always the unknown.

So now I will tell you what snowfall totals and your house value has in common. I will know how much snow we are going to get when the storm is over, and not a moment before. And as far as the price of a home, I have a pretty good idea of what it will sell for, but honestly, we will know exactly what your house in New Milford, CT will sell for at the closing table.

Stay tuned for more New Milford CT real estate talk.

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