What is my home worth?
In the old days we would call that the $64,000 question, but with the new technology we can narrow the value down to within a few thousand dollars.
You see the term CMA (Comparative Market Analysis) used alot in today’s world. An experienced Realtor knows how to read market trends as well as
pull up the comparable properties in and around your neighborhood to make an educated guess as to the value. You noticed that I said educated guess. Did you know that when an appraiser does an appraisal on your home he is doing just that, making an educated guess as to the current value based on the information currently available.
There are several ways to measure the value of your property
- The cost per square foot method
- The difference between your house and a comparable and what value is placed on the differences
- Your location verses the comparable. Remember if the comparable is on the water or has golf course frontage and yours doesn’t, then a value has to be set for the difference in the lot values
- Do you have a pool or not and what about the comparable
- What is the age of your home verses the comparable
- What upgrades do you have or does the comparable have upgrades you don’t
- What is the age of your roof, A/C or appliances verses the comparable
- What is your lot size verses the comparable
As you can see there are a lot of factors that your Realtor will need to know about your property and the properties that he or she is using as a comparable. These comparables are SOLD properties and they should be in the same area as your property.
Once all this information is complete, then and only then can the Realtor give you a range of selling price as well as discuss your selling time frame so as to know what the list price range should be. No Realtor sets the sale price of a property. The market sets the sale price.
Remember pricing the property right will make it sell faster and for more money. Pricing it high and dropping it when your neighbor does, but always being higher is called “Chasing The Market” You never want to chase the market as you want to be in the market range.
A Full Time Realtor who knows your market will put more money in your pocket and in a shorter time. There are additional tips that we would be happy to share with you. First Class Marketing shortens your time on the market and we believe gives you higher dollar as well. Give Dick and Dixie Sells a call today for a FREE CMA!
