How Does Your Home Measure Up?
When you are ready to sell your home you need to determine a fair price for your home. How do you know when it's fair?
A Comparative Market Analysis (CMA) is an important tool that I use to help you determine the estimated value of your property in the current market. Since market value is determined by what a "willing and able" buyer will pay, a CMA can establish market value by comparing your home to similar properties that have sold in the same local market within the most recent months.
If You Are A Seller, A CMA Can Help You Determine:
- Recent selling prices for homes similar to yours;
- The length of time these homes were on the market before they were sold, whether they had to reduce the price in order to get an offer and the length of time it will likely take for your home to sell;
- The homes you would be "competing with" should you decide to put your home on the market right away.
What To Look For In A CMA:
When I prepare a CMA for you, my goal is to help you get a complete picture of the local real estate market. To do this, I include:
- Currently available comparable listings. When you are selling your home this is your "competition". How you price your home relative to the competition is critical to your success. You may also want to visit open houses in your area to see how your home compares aesthetically.
- Pending sales. These sales represent the most recent sales activity and will serve as "benchmarks" for the price of your home. In other words, you will be able to see at what price the comparable home received an offer.
- Sales that occured within the last 3-6 months. By analyzing the sales in the last 3-6 months, I will determine current market conditions. I will also try to find out whether the properties had multiple offers and whether the sellers had to lower their price to attract a buyer.
- Expired listings. These are listings that did not sell during the listing period and usually indicate that the price was too high for the market. Analyzing this data helps avoid the dangers of overpricing your home.
It is easiest to get accurate sales prices in neighborhoods of tract housing where all the houses are very similar. In Sharon, there is more variability in home size, style, age and condition. As an experienced REALTOR® with knowledge of the local market, I know how to consider these variables to determine the right price range for your property.
Remember, a CMA is a "snapshot" for a particular time frame. If you decide not to sell at that time, I will be happy to prepare an updated CMA to address market fluctuations when you are ready.
When you're ready to sell your home, call me at 781-883-3764 to get started with a Market Analysis of your home!