Market Value is what a Buyer thinks it is worth!

Market value changes constantly.  It is affected by the time of year, the economy, how many buyers are out there in the price range, what the competition is doing, and so much more.  Every home is unique.  Even a tract house has a different location than its neighbors.  It is decorated differently and has different upgrades and amenities.

To make the most accurate guess at a home’s market value, we look at what nearby homes are for sale today and what homes have sold for in the last 6 months.

                                                   This is known as a Comparative Market Analysis or CMA

If your house is priced above similar homes without extra amenities to justify the price, buyers will pass over your home. Buyers look at many homes and choose the one home that most meets their needs, tastes, and price tag.  They are cost conscious and want to make sure that if they have to resell soon, they be able to at least break even.  Your price must be in line with your competition.

What we use to create a CMA:

• Active listings of similar homes on the market to suggest how LOW your price needs to be to compete with the others.
• Homes that have sold recently (in the last 6 months) to see what is the HIGHEST number we can reasonably expect for this house.
• Pending listings to see how active the market is.
• Years of experience will tell you what we think a buyer will probably say when he sees your home. Remember, the Realtor is not the buyer who will actually buy the house; the buyer will have his/her own set of needs and tastes and ideas of market value.

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Price Fairly

NO buyer will pay you extra money just because you are so nice, or because you paid a lot for that flocked wallpaper, or because you need extra money to buy your new home. It has to tempt a buyer to make an offer.

A CMA and a knowledgeable Realtor help you chose a price that is Competitive and Compelling!