Getting the Right Price

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By Diane Ives, CRB, CRS, and MRIS Instructor

MRIS, July 7, 2008-If indeed, the success of marketing the home is dependent on price, isn’t it imperative that the price is “right” when it hits the market? Once you show and explain the research you have completed, you can then rationally discuss the feelings and emotions associated with pricing the property for sale. MRIS provides the tools you need to look at the market, obtain the statistics, and demonstrate how important pricing is to the outcome.

Market Statistics are available in many places throughout MRIS. Log on to www.mris.com to access market statistics. Hover above reports and statistics, click on market statistics to find monthly, yearly, and zip code reports and graphs (solds/pendings, average/median price, and days on market). The prior month’s stats are published on the 10th of the current month. Past reports may be obtained by using the drop down list of dates. If you like to work in Microsoft Excel, put a check in the box “Output to Excel.”

Click on the Matrix link to find more statistical reports. In the Search Tab, choose the property and search type, select the appropriate criteria, click the Search button, select the listings you wish to use, click the Print Reports button, select Stats-Days On Market Graph, Stats- List Price Graph, and Stats- List Price Table. Click Print.

Even more statistical reports can be found by using the CMA button. By clicking on the CMA button, you have access to CMA Statistics and CMA Statistics Detail.

When you next meet with your clients, have the facts, be prepared to discuss “price” and how it affects the sale.

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Sunday, March 21, 2010