Finding the value of your home.

If you are thinking about selling your house, you need to know its value. The home’s value will shift over the years with the market and its upkeep. It is difficult for the average homeowner to correct price it because of this. A licensed real estate agent or broker, though, can put together a Comparative Market Analysis for you. This gives you the best estimate of your home’s worth.

Comparative Market Analysis

When you decide to sell your home, your real estate agent will complete a walkthrough of it. This allows them to see each room, take notes, and observe its condition. Once this is done, he will put together the comparative market analysis, or CMA, for you. These are generally a few pages in length, but some can end up as long as fifty pages dependent on your needs and property. The report contains a number of data including various listings and comparatives to look at. By looking over this data, your realtor will give you a listing price he thinks is optimal for selling.

Comparatives of Sales

When your realtor is building your CMA, the comparatives are what help him create it. These are items in your home that are similar to others on the market. The most commonly used comparatives include

  • Square Footage: Any homes on your CMA will have similar sizes, the difference should not be more than 200 to 400 square feet.

  • Age: The age of the house matters due to its construction. Older houses with built-ins and higher quality craftsmanship are often priced more.

  • Features: Even if the square footage and age are similar, the features of your home may set it apart. Your realtor will look for acreage, fireplaces, deck, bathrooms, bedrooms, etc. and their condition.

  • Location: Comparative homes are not necessarily those in the same neighborhood. It may include those with similar views such as waterfront properties for example. This plays into the price.

Types of Listing

Every type of listing you can imagine is included with your CMA. This is more than just active sales, but also pending, recently sold, and off-market. Each of these listings is comprised of homes that are comparable to yours based on location, house size, or other findings.

  • Active Sales: All active properties comparable to your house are listed. This information is necessary because it shows what others list their home for. You can make yourself more competitive by being aggressive with pricing. Active homes that are expired may be listed, too.

  • Pending Sales: The pending sales are homes where offers have been accepted so it is under contract. The sale has not yet gone through, however, and may fall through. Many of these occur because inspections show problems and negotiations cannot be made.

  • Sold: The sold homes are the most important piece of data on your CMA. These represent what houses in your area are actually selling for and give you a solid expectation. Only those sold in the last six months are shown and have had professional appraisals.

  • Off-Market: Off-market properties are any sales that were taken off the market without being sold. This also includes withdrawn and cancelled properties. It may be due to a high price, repair requests after an inspection, or a seller changing their mind as well.

When you choose David Person as your realtor, he will give you an personalized CMA. Along with the data all CMAs include, he also offers:

  • Up-to-Date neighborhood data

  • Tips on staging

  • Tips on getting more value for your home

Whether you are ready to sell now or simply want to find the value of your home, contact David to get started. He can be reached via his website at www.coloradohomesconnections.com or phone at 720-854-9501.