Is All Data Created Equal?

Someone recently asked for data of my sold price vs. list price for the past year. This was an awesome opportunity to consider the topic of whether this should matter. I LOVE data. After all, I was a strategy consultant and Wall Street analyst. I earned a living parsing through data, then applying my understanding to predict the future. But not all data is created equal.

 

Let me highlight two examples for consideration. A few years ago, a single family home in Palo Alto was not selling. The listing agent reduced the list price to just under $1mn, which was far below the market value. An acquaintance thought she could buy the house for the list price. I had to break the news that the house would sell for over $2mn, as it should, and that the list price was a “marketing stunt” to grab attention. Did the listing agent outperform by listing the house for less than half of its market value? If an agent touts their ability to achieve a significant premium above the list price, I would question whether the agent really has their pulse on the market or whether the agent sets artificially low prices to bolster that particular data point to prospective sellers.

 

A second example points to the wonderfully human element of selling real estate, which is a core reason why I love my career. My sellers received numerous offers and chose one offer that left about $20k on the table. Why? Because the buyers’ story really resonated. They were a young family with a newborn. We learned that the mom was battling cancer, and the family wanted a peaceful home where the mom could comfortably get through her recovery. The sellers had lost their father to cancer and were immediately taken by this family’s story. In this case, the sellers were thrilled that they could bring joy to the buyers, even if they did not maximize the price of the home they were selling.

 

While I love data, what I value above all else is doing the right thing, in partnership with my clients. You determine what is most important to you, and we will be “Here to Protect Your Interests.”

 

#listingdata #realestatedata #datageek #canopyrealty #heretoprotectyourinterests