Southampton - Is the price right? This is a question asked by sellers who want to list their properties for sale and buyers who want to purchase them.

Broker Faye Weisberg. (Courtesy Photo: Weisberg)

The answer to this question is not arbitrary. The market will provide the answer. To try to determine what the market is at any point in time and any particular location, I spoke with four Hamptons real estate agents, Deirdre Devita with Brown Harris Stevens in Westhampton Beach, Mary Slattery with the Corcoran Group in Southampton, Faye Weisberg with Sotheby's in Bridgehampton, and Michael Bruno with Brown Harris Steven in East Hampton.

Bruno stated "Pricing properties is part science, part art, but by no means arbitrary. The objective is to arrive at a price that will generate multiple offers, and for that to happen, the property has to be priced competitive with other properties on the market. I look to see how the house I'm listing compares to the others on the market in that area, and what other similar properties have recently sold for."

I asked Michael how he supports his recommendation regarding price.

"I show what is on the market and for how long, how they compare, and if they have gone through a history of price reductions. I also show what comparable properties have sold for."

What is the source that you use for houses that have sold, I asked.

Broker Mary Slattery. (Courtesy Photo: Slattery)

"I use several sources. Real Net is one, Suffolk Profiles is another, but what I have found to be the best source is the economic data generated by Brown Harris's in-house economist. The Town records are another source, but they are less current than the others."

When speaking with Weisberg she indicated "People talk of the Hamptons, as if all areas were the same, but that is not true. Each area has its own characteristics and price structures. East Hampton is not all the Village. I make sure my clients and customers understand the differences and how they influence price. When I'm working with a customer, I first determine what they would like to have and what they are prepared to spend. I educate them on land values and construction costs to help them understand how the market is determined. I then tell them what is currently on the market and what comparable properties have recently sold for. I find that the best way to deal with the seller's fear of under pricing and the buyer's fear of over paying is to show them the facts."

What is your source of recent sales, I asked.

"In my office we typically use Real Net, RTS 2000, and Suffolk County Profiles."

Broker Deirdre DeVita. (Courtesy Photo: DeVita)

Slattery claimed "There is a lot of information available to the public. Unfortunately, some of it is not accurate. For example, buyers will look to a website that often confuses assessed value with market value, and of course, they are not the same. Before I go on a listing appointment I make sure I know the inventory of what is available and what properties have been selling for. Based on that information, I recommend a price to the seller. I also hold an "Open House" for brokers and ask their opinions. They can be a great resource in setting the right price. You have to have your facts or the sellers and buyers aren't going to trust you. Trust and knowledge is what works best in this business."

What is your main source of information on recent sales, I asked.

Slattery responded "I generally rely on Real Net, Long Island Real Estate Reports, and Town of Southampton GIS."

Devita elaborated "I don't give too much importance to median or average prices. There are too many variables to consider when pricing a property. I try to be very specific and use only the most relevant data and comparisons. Unless the property is competitively priced, the deal is at risk. That is in no one's interest. I always operate with full knowledge of my fiduciary obligations to my client, while at the same time owing fair and honest dealing to the customer."

Broker Michael Bruno. (Courtesy Photos: Bruno)

I asked her what her sources for market data where.

"I use Suffolk Profiles, Real Net, which has a link to RTS, and since our Westhampton Beach office is a member of Multiple Listing Service, the MLS generated information."

For The Real Estate Report, Long Island Edition, anyone may access the information they provide by going to www.lirealestatereport.com.

For Suffolk Profiles, anyone may access that information by going to www.LIprofiles.com.

Information provided by the Town of Southampton is available to anyone by going to www.southamptontownny.gov, free of charge.