I have been selling Residential Real Estate in the Chicagoland area since 1996. The most frequently asked question I hear is "What is my home worth?" There is more information needed when pricing your home to SELL than just Comparable Properties. When performing a Comparable Market Analysis or CMA, for short, here are "6 Key Factors" I take into consideration when giving my sellers a SUGGESTED LIST PRICE.
1. Motivation of My Sellers-Are you having financial concerns? Are you relocating? Did you purchase another home without selling your current one? All of this information is extremely important because it gives me insight on how "quickly" you NEED to get your home SOLD.
2. Market Conditions & Active Competition-Market trends & active competition will show you exactly what is happening in your local market. Are prices declining? Are sellers offering buyer incentives? What price range is selling? How long are similiar homes on the market for? What makes your home stand out from the others that are considered your competition?
3. Comparable Property Data-When comparing your home to similiar properties, it's important to not only look at the MOST RECENT SOLDS, but also active & expired listings. Recent Solds will show you what buyers are willing to pay for similiar homes in your local market, how many have sold in the past 3 months and how long they took to sell. Active listings show you all of your CURRENT COMPETITION...what other homes buyers will be looking at when viewing yours, how long they've been on the market and the supply of inventory. Expired listings basically show you what NOT to price your home at because the current market is not supporting that price.
4. Mortgage Conditions-Current interest rates and available loan programs will definitely affect the pool of buyers who will be able to afford your home. When rates go up, buyers may suddenly find out they are no longer able to afford your home. The same goes for different loan programs which may allow for a lesser or greater down payment.
5. Location-Are you close to schools, shopping and major expressways? Do you back-up to a busy road or a wooded area? Location, location, location...this definitely plays an important role in pricing your home.
6. Appearance-Last but not least, looks do count! Is your home clean? Were projects started but never finished? With a large supply of inventory, your home needs to SHINE! You only have one chance to make a GREAT 1st impression.
I wanted to explain the process of pricing your home. When an agent gives you a SUGGESTED LIST PRICE, please remember it takes much information & local market knowledge to price effectively. If you are thinking of selling your biggest investment I strongly suggest you contact a local Realtor who is familiar with your market & current trends.
For more information on my Seller Services, please visit my website at:
http://www.bairdwarner.com/laura.karambelas
or give me a call at 630-964-3276
Laura Karambelas-Realtor, RCC, CNHS, Relocation Certified
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