How Much is My Home Worth?
A Comparative Market Analysis, or CMA, is the best way to arrive at the selling value of your home. A properly researched market analysis will compare your home to recently sold homes and to similar homes that are currently on the market. This report will give you a clear picture of what buyers have been willing to pay for a home like yours and what the competition will be.
We'll also provide information about current market trends and discuss "aborption rate". Absorption Rateis an analysis of sales figures and gives us a pretty good idea of how long would it take to sell your home based on current market conditions.
Basically, our Comparative Market Analysis will show:
- What's happening in the local real estate market right now
- What buyers are willing to pay for homes similar to yours
- What they won't pay
- Which homes will be competing with yours for buyers' attention
Conditions the affect the value of your home
- The proximity to area amenities and quality of the school system greatly affect the value of a home. A busy, noisy street can reduce a property's value while a quiet, safe neighborhood can induce a buyer to pay top dollar.
- Market Conditions
- Factors beyond your control such as interest rates, competition from other properties, the economy and consumer confidence all influence the value of your home.
- Property Condition
- The structural and mechanical integrity as well as the upkeep and cosmetic appeal of a property are huge. Logically, a home in good repair should sell for at least "fair market value". A home in need of too much repair and updating must be evaluated to reflect its condition. Buyer's will avoid homes that come with built-in expenses.
Factors that DO NOT affect your home’s market value
The following have nothing to do with the market value of your home and should not be used to set the price:
- How much you paid for your home
- The amount of debt on the home.
- How much you paid for improvements on your home.
- The value of a similar home in a different community.
- How much money you need to purchase your next home.
- How much it will cost to build the same house today.
- Your personal attachment to the home.
- Opinions of friends and relatives who are not in touch with the real estate market.