Understanding how a comparative market analysis (CMA) for a home is determined and why you need one is essential to listing your home for sale at the right price. Depending on the selling points of your home, you could be able to list it at a price that could make you more money than you had originally suspected. A real estate agent is your best weapon when making this decision as they will be the one who performs the cost market analysis, so be sure to choose your agent wisely. Here is some advice for valuing your home to sell.
Sellers should expect and real estate agents should, always have a comparative market analysis for the home available upon the first visit with the prospective seller. Your real estate agent will look to you to provide information about the home that makes it special, such as a new roof, appliances or other features. With this information, the CMA can be fine tuned to establish your listing price.
Real estate agents are trained to compare the sold prices of homes in your area, which are comparable to the subject property and adding or subtracting value based on the differences in the homes. They will also look at current listings for sale to help establish values.
To properly determine value of a home it is important to look at the dwelling and the land separately, creating a value for each and then combining for an appropriate sales price. Two identical homes, one on the water and one not, would not have a same value. A premium is added to the water front property creating a higher price.
The livable and usable square feet, age, condition, total number of bedrooms, baths, pool, outside kitchen, construction, new additions, general location and community, to name a few, all factor in to determine your home’s value. Views will be determined when looking at the land value. Ask your real estate agent about what other factors your home may have that contributes to it’s selling price.
Think about what you see when looking at property? Buyers want to be able to envision themselves in the home when they first drive up to the property - this is called the curb appeal and it is very important. If your property needs landscaping, paint to make it show well, then this should be done. Remember not to over do it. The money you spend will help in selling the property, but it will not increase the value that its worth.
On the inside, it is suggested you ask your agent if staging the home is needed. Staging will help sell a house by moving or removing furniture or belongings, which make it hard for a buyer to see the full potential the home has for their needs. Clean and fresh is important as is removing many personal items which clutter the home.
We have all heard that a new kitchen adds value to a home or a new master bath. Well, don’t believe all you hear. It is true these items do add value, but only if you are using them. A new car is only new until it leaves the lot. Same with remodeling. Its value will be less than what you spend. Unless you are truly doing a restoration of a home, it’s better to let the new owner put in what they feel is important. Your taste and theirs will not be the same. If on the other hand your living room carpet has holes or pet stains in it, then put in a mid grade natural color so it shows well, but you should not add in tile or wood floors.
Buyers like to look around a home and imagine themselves living in the house, so is best to allow them to feel comfortable. Your real estate agent will point out the positive features and allow the buyer to feel at home. After all, that’s what we want them to do.
Personal items or themed rooms will reduce the number of buyers who can see themselves in your home. You need to make your home neutral so the buyer can imagine their own lifestyle within the rooms of the house. Same goes for color, lighter colors work better in selling a home.
Do not list your home with anyone who isn’t a Realtor and a member of their local Realtor Association
The code of ethics and training a Realtor has will go far in helping to selling your home. The knowledge and expertise they have will be a great help to you as will the MLS and marketing experience which comes with selecting the right agent. To be sure your home is valued correctly use a professional not an internet home site which creates a value out of very general market conditions. Demand the best.
One way to make your home smaller than it looks is trying to make a garage or den into a bedroom or recreation room. It is always best to showcase your home as originally designed.
Search out a professional agent who knows your community and whose firm has a good reputation. Take their advice and position your home to achieve its highest value possible. It’s more than just putting a sign in the yard. Best of success!
More expert advice about Selling Real Estate
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