• features (design, materials used, structure type, improvements made) • comparable sales • location (area, neighborhood, proximity to amenities, etc.) • age and size of property • depreciation • condition of property Condition plays a big role; properties can’t change their location or their age, for example, but their value can be enhanced through upgrades and improvements. If you hire an appraiser, be sure to hire a professional—someone who is qualified and experienced with expertise in your area. Current Market Analysis: This home valuation is free from real estate agents, and often more useful than online tools. It will include detailed information on each property sold in your area over the last six or so months, including the asking price and the final sales price. Beware: these homes are not your competition. But you can use this information as leverage. And it will help you and your agent price your home realistically. The current active homes on the market must be considered when pricing your home - this is your competition. The best way to make sure you get this right is by hiring a qualified real estate agent, who can provide you with a Comparative Market Analysis (CMA). If you’ve never had a CMA done on your home before, or perhaps aren’t familiar with the term, a Comparative Market Analysis is a tool real estate professionals use to estimate what a home is likely to sell for in today’s market. Rather than guessing or relying on online estimates, a CMA looks at recently sold homes that are similar to yours—in size, condition, location, and features. These are called comparable sales , or “comps.” Active listings and homes that didn’t sell are 43
Powered by FlippingBook