Top 30 Tips To Sell Fast #18…

nationwidehomelocator:

Alright, so now you understand the market a little and you’ve done some research on the comparable homes that have sold and are for sale.  So, what do we do with this information?

We need what is termed as a CMA or comparable market analysis.  Now, you can pay a real estate agent to do this, but if you want to save a little money and use some brain power you should be able to come up with a good starting point for your asking price.  Or you can always download software online that will automatically make adjustments to your home based on things like size and features.

Maybe your wondering why do I need a CMA when I’ve already had an appraisal?  The difference between an appraisal and a CMA is that an appraisal is hired by a lender to determine the value of your home based on replacement price and comparable homes sold. A CMA is performed by a real estate agent or broker that is familiar with your area and the homes sold and determines based on comp’s and your market what they feel your home could sell for.

The first thing you probably noticed when looking at sold comp’s is usually that no one home is exactly like yours.  Maybe home #1 has more bedrooms, but the overall square footage is less.  And maybe home #2 has a garage and your home doesn’t.  And maybe home #3 is pretty similar to your home in size and features but that home is almost falling down and yours has a brand new kitchen and bath.  So, how do we use these comp’s to determine what your home is worth?

Here are some basic guidelines in choosing our good comparable homes:

Type: Do not compare condo’s with homes

Neighborhood & School District: Try to use only homes within your neighborhood or school district

Sold Date: The more recent sales are going to give you a more accurate idea of the current value.

Size: Choose homes within 15% sq. ft. as your home

Number of beds and baths: Comparing homes with either 1 more bed or 1 less bath is good, but a home with significantly different amounts is not,

Age and style: A home closest in age and style to your is better

Condition of the home: Comparing a home that is in desperate need of work and a home that is newly remodeled is not a good comparison.

Lot size: Lot size is only adjusted for when the difference is significant

http://www.nationwidehomelocator.com

 Great tips on determining the market value for your home.

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