Monday, June 6, 2016 / by Kimo Quance
Every house seller wants to sell their home for the best possible price, but few know how to. Many sellers thinks it starts with planting a “for sale” sign in front of the home, but they soon find that's just the beginning of the process.
First off, do you really know how much your home is worth? Failing to calculate a fair value and pricing too low, can cost you thousands. On the other hand, over-estimating its value can lead to you pricing yourself out of the market.
If you ask around, you may be advised to get an appraisal first. But even before that, there are some fundamental steps to be taken. Sellers soon find that trying to determine the value of the property can turn out to be a multi-layered problem.
To get a better idea of the market value of your home, start by identifying some of the elements prospective buyers like to know about. Some of these elements include:
- Size – What's the square footage of the property?
- Amenities – These can increase or decrease the prospective value of a home. Is there a pool? Hardwood floors? Family room? Is the property close to any walking trails, lake or mountain views?
- Location – Is the property close to a school district? This can be an important selling point.
- Rooms – How many bedrooms and bathrooms are in the property?
- Garage – Does it have a 1- or 2-car garage? Or is there street parking available?
Answering these 'simple' questions is the first step towards fixing a solid selling price for your home. Using this initial data, the next step is to get a professional Comparative Market Analysis (CMA). A CMA is a report compiled by a realtor, that compares the prices that homes similar to yours, have recently sold for.
Who uses a CMA?
Sellers often use the CMA information to fix a price range for their home, buyers use the information to determine a fair price for a property. While you can put together a “guesstimate” of your home, getting a professional CMA is a better option. Knowing this will give you a better idea of what your asking price should be. But since most people don't have the resources to compile the data required, a real estate agent can help you whip one up in no time.
Setting the right price is one of the most important steps toward successfully selling your home. But before you go rushing out to remodel your kitchen or spruce up the basement, it's important you determine the initial value.
Valuing your home using a CMA is an efective way to compare your home to others on the market. To get a true comparative market analysis, a local realtor can help you find the real value of your home.
Thinking of selling your home? Don't undersell your property, fill the free CMA questionnaire here and let the Quance Group help you find the real value of your home.