Seller
Services > Determining the Value of Your Home
A Comparative Market Analysis (CMA) is
essential to determine the value of residential property. Location and
characteristics of the property are the key elements in determining
value; therefore, the basis for valuation is similar properties in
your area. The market analysis takes into account the amount received
from recent sales of comparable properties and the quantity and
quality of comparable 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 that 5% or potential buyers may
not even make 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 reasonable time
Many times, less expensive,
cosmetic improvements can add more value than higher priced
additions
Houses that remain on the market
for a long time may not get shown
A house that is priced right from
the beginning achieves the highest yield.
A Comparative Market Analysis (CMA) is
essential to determine the value of residential property. Location and
characteristics of the property are the key elements in determining
value; therefore, the basis for valuation is similar properties in
your area. The market analysis takes into account the amount received
from recent sales of comparable properties and the quantity and
quality of comparable 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.