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Home Sweet Home - What's it worth?

By
Real Estate Agent with Better Homes and Gardens Big Hill 2002018135

A Comparative Market Analysis (CMA) can instantly bring you up to speed on the true market value of your home.  As the name suggests, a CMA compares your house with similar ones on the market during a specific time period.  Location and characteristics of the property are the key elements in determining value.  The CMA takes into account the amount received from recent sales of comparable properties and the quality and quantity of properties currently on the market.  The desired end result is to find a price that will attract a willing and able buyer in a reasonable time.

Once the value of your home has been determined, you can decide on an offering price that will achieve your goals.  Generally, the price should not exceed the value by more than 5% or potential buyers may not even make any offers.  Naturally, if you want to sell quickly, your asking price should be very near the value.  The following are a few things to keep in mind about pricing:

  • Realistic pricing will achieve maximum price in a reasonlable time.
  • Your cost or profit is IRRELEVANT, the market dictates the price.
  • The costs of home improvements are almost always more than the added value.
  • Houses that remain on the market a long time do not get shown.
  • A house priced right form the begining achieves the highest price.
  • The amount of money you need to purchase your next home does not matter.  The MARKET dictates the price, and NOTHING else.

When buying, selling or refinancing, a CMA is essential in setting price and in choosing advantageous timing.  Other benefits of a CMA include obtaining a realistic picture of your net worth, or to leverage your equity.  Just remember however, that your personalized CMA is merely a "snapshot" captured in time, while the real estate market constantly fluctuates; therefore, it's a good idea to obtain a new one as the need arisies.

 WOULD YOU LIKE A FREE CMA?

Contact me and I'll be happy to provide you with one!

 

Kelley A. Weimer

A house "SOLD" name!

www.buypreblecounty.com

 

Professional Real Estate Services for Preble County OH and beyond; including Eaton, West Alexandria, Lakengren and Lewisburg.

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Thanks for reading!

Kelley Weimerpink flower

 a house "SOLD" name!

Kelley Weimer is a full-time Real Estate professional serving the residential and light commercial needs of Southwest Ohio, including Preble County, Montgomery County, Butler and Darke Counties.  She serves the needs of today's home buyers and home sellers, working for one of the area's top real estate brokerages, Preble Plus Realty, LLC. Making real estate dreams come true since 2002, Kelley prides herself on honest, friendly service; staying on the edge of technology yet always keeping the focus on good ole' communication.  For your real estate dreams, please contact Kelley today!

Comments (1)

Troy Erickson AZ Realtor (602) 295-6807
HomeSmart - Chandler, AZ
Your Chandler, Ahwatukee, and East Valley Realtor

Kelley - You are sharing some information that is very important to understanding the market.  A CMA is a necessity when working with either buyers or sellers in determining the current condition of the housing market, especially in your local area.

Apr 22, 2009 11:16 AM