What’s My Home Worth?
Getting the answer to this question right is the most critical component of any marketing plan for your home, and interestingly enough, it’s the first question every seller wants to know the answer to. To properly determine the most accurate valuation for your home requires a significant investment of time, effort and expertise on the part of your agent.
There are three basic components to a proper home valuation. The process most often use by real estate agents is known as a Comparative Market Analysis (CMA). It also involves a second market comparison known as the Competitive Market Analysis. This looks carefully at how your home compares to other homes currently on the market with similar buyer profiles and how it would likely compete.
- 1. The home visit. This is where I can see first-hand all the factors necessary to most accurately compare your home to others that have recently sold in same marketplace. I will take into account your property’s location, neighborhood attributes and detractors, your home’s condition, features such as views, water features and community amenities, etc. I will take detailed notes and reference photos.
- 2. Preparation of the CMA. This involves researching all the other homes in the region that have sold in the last six months and trying to locate three sales that are most comparable. Once three comparable homes are selected, a detailed series of adjustments are made by comparing a list of features. This process can take between 2 and 3 hours.
- 3. Preparation of the Competitive Market Analysis. This involves researching and locating the comparable properties currently on the market and determining how the current competitive landscape can impact your home’s price based on supply and demand in a given price point.
Let’s get started: contact me.
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