We have two properties that we have rehabbed and put back on the market. First property is on a main road - ideas for marketing would be great. We had overpriced it - b/c there were no solid comps. We ended up tearing down and rebuilding it (possibly a big mistake). Anyhow - now that we are on market for 50 days - how do I get the listing moving again? Get feet through the door.
Second House - we thought we were going to retail for 430-450K. Our appraisal came in at 511 - which at first sounded like good news - and now my gut is telling me that its just too high. Comps in the area go from 275 - 900 - Appraiser used a few that were 600 and 700.
Ideas on how to price it when things aren’t a sure comp?
You need to drive all open listings within a mile of your house to get a feel of the value you offer.
Your “comps are not all over the place.” You either have comps, or you don’t. You may not have enough comps, but “solds” and “comps” are not the same thing.
Quality “comps” will be “solds” that come within 10% of the living square feet, lot size, and age of the subject property and match the number of beds and garage size. If you do not find at least 3 comps within 1 mile of the subject property and you buy anyway, you are not in the real estate business, you are in the gambling business.
To add to that, the higher the price range you’re dealing in, the more difficult it will be to nail down an exact number. But you can certainly get a reasonable range if you’re looking at true comps as described by Javipa.
Have you considered running a “round robin” auction, or even perhaps hiring an auction house?