I will work closely with you to determine your home’s value, based on past experience, and current market trends.
Here are some additional items we will consider when pricing your home:
What are Homes Selling for?
I will provide you with information on recent home sales in your area, as well as homes that are currently on the market. We will focus on homes that are similar to yours. The industry term for this is “comps,” short for comparable sales.
Comparative Market Analysis (CMA)
Comparative market analysis (“market analysis” or “CMA” for short) is a phrase you’ll hear a lot when preparing to sell your house. The point of the CMA is to compare your house to similar houses in your area that have recently sold (or are currently listed for sale). After we review this information, I can help you determine a realistic selling price that takes current market conditions into consideration.
Please remember that the CMA is not a formal appraisal. Only a licensed home appraiser can give you a formal appraisal of your home’s value. But in most cases, a well-rounded CMA will be enough to help us get an idea of what your home may be worth.
Recent Upgrades?
Upgrades to a home (a deck, a pool, new vinyl siding, etc.) will usually increase the value of the home. They probably won’t increase the value dollar-for-dollar based on what you paid for them, but they’ll help nonetheless. So be sure to tell me about the things you’ve done to improve your home.
Supply and Demand
I understand the current state of supply and demand in your area. I encourage you to read the newspaper or other resources on a regular basis to keep track of market conditions. This way you can be informed as well with what is going on in real estate today.
Important questions I can help you answer:
- How many new homes are being built in your area?
- Are home prices in your area moving up or down?
- Are you in a seller’s market or a buyer’s market?
- How many people are moving into the area?
- Are there limits to the number of new homes that can be built (building moratoriums)?
- Any new companies moving into the area?
- Are homes selling quickly or staying on the market for a long time?
- Will you be selling in the spring home-buying “season” or in the winter?
The more of these questions I can answer, the better understanding you’ll have of your housing market and how we will be pricing your house accordingly. I will be happy to help you with this part of the process, but it’s in your best interest to do your own research as well.
And Remember…
Living in a house creates emotional value. It’s where you come home to at the end of a long day to relax and unwind, spent time in your garden, maybe watched your children grow up, or it was your first purchase. But something you have to remember when selling a house is that emotional value doesn’t translate into financial value. Instead of basing your asking price on what the home is worth to you, we need to base it on what it might realistically be worth to a buyer in the current market.
Of course, I will be here for you during the entire process. I understand that buying and selling your home can be an emotional and stressful experience. I hope to make the experience enjoyable and stress-free so you can begin to enjoy this new chapter of your life.
