In this ever-changing economy, where home prices seemed to take a dive only a few years back and are now on the rebound, many people are very concerned about the value of their own home.. "What is my home worth now?" is a common question I get from Sellers because they know we had a down-turn in prices and now things are starting to improve. Home prices are slowly creeping up, and so people want to know if now might be a good time to sell. I'm here with the good news that we have a window of opportunity right now that makes it a perfect climate to sell a home.
There are many factors that go into running a Comparative Market Analysis. Many Realtors will only look at what has recently sold in a particular area for homes similar to a subject property, but that is just part of the picture. In order to properly ascertain a market value range for a property, we must look at homes whose listings have expired. This tells us what did not work in the marketplace. We must also look at the current similar active listings because this is our competition.
The current properties for sale are very important. Think of it like shopping for anything you normally purchase. If you look around for a gas grill and you find one for $500, but the store down the street has one very similar for $250, which one are you going to buy? The $500 grill might have a few more "bells and whistles," but are those upgrades worth the additional $250 to the buyer? Some might say yes, but most probably won't think they are worth doubling the price.
Homes cost much much more than a gas grill. Why would a purchaser be less savvy with a home purchase than they would with a gas grill purchase? The answer is, they would not. Did you know that the the home buyers today are more savvy than ever before. Many do their shopping online, looking inside each home through pictures and video, reading the descriptions, and doing their comparison shopping. Therefore, what is currently on the market is key in any home pricing analysis. You need to know what the buyer's know!
Coldwell Banker Prime Properties extensively trains its agents how to run a full and complete Comparative Market Analysis for potential home Sellers and for buyers who want to make sure what price they should offer on a property. Our technology is top-of-the-line, using technology, the MLS and the Agent's skill set to properly set a price range for any property.
Find out what your property is worth in today's market.
Interest rates are still low, buyers are looking for more choices because inventory is low, so now is a great time to list your home for sale!