It’s a question on many homeowners’ minds these days. After so much turmoil in the housing market over the past few years,what’s left of your home equity?
Maybe you need to sell right away. Perhaps you’re looking to capitalize on low interest rates by refinancing your home or, like many, just curious about whether your home’s value has taken a serious beating.
When you are interviewing REALTORS® to market your home, you’ll be introduced right away to a priceless document—the comparative market analysis(CMA.) This is one of the areas in which the real estate industry really earns its keep—by showing you in black and white what your competition is. But like a sword, it is a tool that can cut both ways. You and your agent will use the CMA, among other tools, to determine where your home will stand in comparison to others which are on the market, and those which have recently sold to determine the highest possible asking price. Your buyer will use it to find ways to reduce his or her offer.
CMA’s can include homes that are currently for sale and those which have recently sold. They can go back in time as long ago as a year or a month or week ago. CMA’s can cover areas as narrow as one or two streets surrounding your home, or as broad as an entire subdivision.
Allow us the opportunity to present a custom comparative market analysis (CMA) intended to provide you with the most current information about the market and properties of similar size, style, and age.
The CMA arranges the market data in a form that will indicate a reasonable market price range for your home. The market provides the data. You provide the price. In setting the listing price, please remember our market is tough. Buyers are likely to see a large number of homes. The homes with the most attractive prices and the most effective staging will be the homes that stand out. By starting out with the most attractive offering, you can avoid chasing the market with pricing adjustments.
While it might be tempting to list your home with the agent providing the highest recommended list price, no agent or brokerage can sell your home for more than market value. The ability to provide an effective marketing plan, the demonstration of market knowledge, the character and reputation of the agent and their brokerage, and the agent’s proficiency at negotiating are the most important considerations in choosing your agent and brokerage.