Did you know that our free home valuation can put dollars in your pocket? Setting the right price from the start is among the most important steps toward successfully selling your home. Based on National Association of Realtors research, the infographic below shows the correlation between how you price your home and the percentage of buyers likely to request showings.
However, to price a home competitively you must understand the market. Therefore, we take great care in gathering information and preparing a professional and reliable valuation for you.
We begin by accumulating information about your home. As you would expect, the more accurate the information we gather, the more reliable our estimate of value will be. Of course, we consider your home’s condition, outstanding features, and significant renovations. Then we take a close look at how much other houses in your neighborhood are selling for. Since such prices offer a guide as to the relative value of your property, they materially affect our valuation. Of course, a remodeled kitchen or master suite is something to be excited about. But the market ultimately determines how each will effect your home’s value. It defines “value” as the price an independent buyer willingly pays and an independent seller willingly accepts.
We consider the following factors in our CMA analysis:
Of course, you can receive valuable information from an instant, algorithm based valuation of your home. But if you are serious about selling, you should insist on a detailed market report prepared by a professional. Accept no substitute because a professionally prepared CMA offers more reliable information and will allow you to make sounder decisions.
We base our analysis on what houses similar to yours are selling for. Factors we consider include square footage, amenities, and location. Some homes we look at are currently listed for sale. Others have recently sold. We also consider homes that failed to sell and had their listings expire.
We refer to such houses as “comps”. However, not every house near yours qualifies as a “comp”. This is because the location of a home in relation to positive or negative factors may exclude it. For example, one house may be just below a freeway bridge. Another several blocks away may be unaffected by similar noise and dust issues. Therefore, it may not qualify as the first home’s comp.
In a transitioning market we give the most weight to comps three months or less old. However, in a stable market, we give the most weight to comps six months or less old.
Please be advised that a professionally prepared CMA is only available in the area served by OMCAR, the Ocala Marion County Realtors’ Association.