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The Importance of a CMA When Selling Your Home

Selling your home these days isn’t as simple as it used to be. With the explosion of real estate marketing on the Internet, prospective buyers can do their initial home shopping online. While this means that your listed property will be viewed by more prospective customers, it also means that many other properties will also be showcased, making for a much more competitive market.

While sales in the existing home market are expected to take a tick up early in 2019, there is a lot of concern about raising interest rates and economic uncertainty in the future. We are also looking for increasing inventory levels to start as early as March of this year with predictions of the greatest amount of housing inventory to hit the market in five years by May.

By early summer 2019 we may very well find ourselves in a full buyers’ market with prices ticking slightly lower for closed sales.

 In such a competitive market, establishing a realistic selling price for your home is a critical component of a successful sale. 


One of the best tools for determining the actual sale value of your home is to use a comparative market analysis. This document is the tool that real estate professionals use to help you to determine the value of your home, based primarily on recent sales of similar homes. Because every home is to some extent unique, a thorough and timely comparison of your home to others currently on the market is one of the best assets you can use to help you price your home for sale.

There is no standard format for a comparative market analysis, and the length and complexity will vary with the size of the market. In a small community with limited home sales, prices may be very subjective. In larger towns and cities, the large number of houses for sale allows for a more objective pricing based upon a number of homes, which have many features in common. Almost every comparative market analysis will present information from properties listed in five separate categories reflecting the status of all listings in the past 6 months. A six-month period has been found to be a long enough period to allow for both a representative sampling of prices and a partial barometer of pricing trends. Of the five categories listed below, only the SoldListings give you highly reliable pricing information. Listings are categorized as follows:


Active Listings. These include the homes in your area currently listed for sale and the prices asked by the sellers or listing agents. These prices only let you know what your fellow sellers are “asking”—not what they are actually getting. It may help in setting a price.

Pending Sales. Do not confuse these houses with those that have been sold. Deals can go sour for a variety of reasons and the house may come back on the market.

Sold Listings. These sales figures will reflect the price actually paid for the homes.

Off the Market. These are the houses that were listed, but the listings were subsequently withdrawn or cancelled. 

Expired Listings. These are homes that did not sell, and the owner or listing agent allowed the listing to expire. 

It is at this point in the report that the subjective part of the analysis really begins. Information on recent home sales is culled from listings of houses roughly comparable to yours. The greater the similarity between your house and the recently sold houses, the better you will be able to determine a saleable, but fair price. Listed below are several important factors, which have consistently influenced home sale prices:

 

What to Consider When Pricing Your Home to Sell


Location. You don’t have to be a realtor to have heard of the realtor’s mantra, “Location, location, location.” Simply stated a bad location drives the value of a property down while a good location drives it up. No matter how nice the house, if it is in a rundown neighborhood or noisy location, its value will be well below similar houses in a quiet, well-maintained neighborhood. A house with an ocean view, will sell for much more than one without such a view. For parents with school age children, which school district the home is in may be the deciding factor. Location matters!

Square footage. It is the most basic standard of measure amongst comparables. All things being equal, people with families will usually opt for the larger house.

Condition. Unless your price is well below the market, nobody wants to buy a fixer-upper. Smart consumers just don’t buy houses that need a lot of repairs. You buy the house with the new roof, not the one that needs one. Similarly, interior upgrades reflect pride of ownership.

Amenities. Does the house have one bathroom, or two? Did you want that pool, or would you have preferred a yard.

Community & School.  What school a home is assigned too, proximity to shopping, libraries, and amenities also play a huge factor. You can search and explore those factors here using our community tool.


comparative market analysis is the most thorough assessment tool you can use to price your house. It also goes without saying; you will also want one when you buy your next home. By clicking on this link: Free Home Value Analysis you can receive a detailed report that will show:

 

• Actively Listed Properties

• School & Community info

• Actual Sold Properties

• Any Area in Washington, San Diego, CO, ID, In or Arizona

• Current Pending MLS Homes in your area

• Any Property You're Interested In

• Actual Sold Home Prices

• Easy to read and understand

• Days on Market

• Final Sales Price v/s Asking Price

 

 Our Formula For Home Selling Success 

What is our formula for real estate selling success? We have a very defined home selling process that every MLS listing goes through to ensure that you have all the necessary real estate tools for successful home sale. The Cascade Team Real Estate is a company like no other, because of these tools and marketing we provide our home sellers. We understand that in today’s ever-changing real estate market, home sellers expect a high level of real estate agent service. Therefore, we utilize technology to keep our home selling clients up to date at all times and provide added value to both home buyers and sellers in the real estate transaction. The effective use of these tech tools allows our local Seattle area agents to focus more of their time on servicing our clients and getting their home sold, while still providing the most comprehensive real estate marketing program available. In the end, you get the perfect combination of online real estate tools and personal service when selling your home.

Have A Home To Sell?

Getting a value on your home with real MLS data is as easy as 1, 2, 3.

1. Enter your address in the box below and click "Locate Property"

2. Enter all the specifics on your home: type, beds, baths, square footage range, etc.

3. The Estimated Value will appear above the map.  Then scroll down and click on "See All Matches". You can also adjust the radius or draw your own polygon around just your neighborhood.

 

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Thinking about selling your home? It's important to know how much your property is worth on today's market to choose an appropriate selling price.

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Listing information last updated on July 20th, 2019 at 10:40am PDT.