COMPARATIVE MARKET ANALYSIS - Did you price your Real Estate right?
Comparing Sales of Existing Homes and How Those Comparables Affect The Real Estate Offer Price
Home pricing is the most important factor to consider in order to sell your home quickly and easily.
The usual mistake made by the seller is that their asking price is way too high. You cannot fool the market. It is best to price your home right because if you overprice it and it stays in the market for a long time, buyers will lose interest, thinking that it has not sold because something is wrong with it, or other homes in your area similar to yours may be selling at a more realistic price. Pricing your home correctly will save you a lot of time and frustration. Generally, most of the best and highest offers come during the first few weeks when the most potential buyers view a home.
It is best to talk to your agent. He will be able to give you a reasonable asking price through Comparative Market Analysis for free. Also known as CMA, Comparative Market Analysis is a listing of recent home sales, pending sales, and current listings of similar properties in a given area, used as a basis for determining the fair market value of a property.
A seller can research this himself by checking public records through the local recorder or assessor's office, through private real estate information, or the Internet. It can also be done by a real estate agent for free. A number of factors are taken into consideration when preparing a CMA - square footage, age, number of bedrooms and baths, condition, location, and amenities.
The real estate agent will make a marketing plan for your property based on other information about the current market, recent sales in the area, how many homes have been sold in that area, how long they were in the market before they sold, and selling time. After this has been done, the agent and the seller can decide on an appropriate price for the property. Keep in mind: IT IS IMPORTANT THAT YOU PRICE YOUR HOME RIGHT.
Prevent your home from becoming an expired listing. A Comparative Market Analysis will give you a realistic pricing decision and the odds are you will sell your home fast and in the price range you are asking.