Your home's a huge asset so you'll of course want to keep tabs on its value. A real estate agent can assist you by providing a “Comparative Market Analysis” (CMA) which is a report that determines your home's value by comparing it to similar properties that have recently sold. This will enable you to set a competitive price should you decide to sell.
Online home evaluations are quick and easy but aren't very accurate as they don't take the finer details into account. If you choose to go online, it's best to use a local real estate agent who specializes in your area rather than a national website. It's best though to have a real estate agent come by in person to gather information as it will result in a much more accurate CMA.
Professional appraisers charge up to $750 so a CMA is an excellent alternative. The report, which is usually complimentary and comes with no obligation, is essential to setting a competitive asking price. The right price is crucial to achieving a successful sale as it'll help attract the greatest number of buyers which in turn will help your home sell faster and for top dollar. A CMA's also helpful during negotiations as concrete facts will help justify your asking price.
After your agent has gathered information on your home, they’ll research properties in your area that have recently sold as well as current homes on the market and recently expired listings. They'll compare homes in the area that are similar in style, square footage, age, lot size, etc. and adjust for factors such as extra bathrooms or finished basements. The home's condition and other issues like surrounding houses (i.e. is it the biggest house on the street) will also play a part in determining fair market value.
You don’t have to necessarily be ready to sell your home to receive a CMA from a real estate agent. If you’re thinking about renovating your home for instance, your real estate agent can provide an estimate on how much value certain renovations will add to your home so you can move confidently forward knowing the facts. On the other hand, if you're curious about what the house down the street sold for, they can help you out with that too.
If you’re thinking about selling your home, make sure to have an agent provide you with a CMA. This important service will ensure you have an accurate, up to date idea of your home’s true market value. This will in turn help you get top dollar for your home, because incorrectly pricing your home is a mistake that could end up costing you thousands of dollars and months of frustration.
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