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Pricing Your Home to Sell

June 27, 2009

When you are ready to enter the market to sell your home one of the first things you will need is a CMA or Comparative Market Analysis.CMA Graph

A CMA is a comprehensive detailed report of the real estate market inside your neighborhood and the surrounding area that shows you the statistical information that you need to arrive at a correct price at which to offer your home for sale on the market.

In this report you will find the ACTIVE LISTINGS – Homes that are presently on the market….YOUR Competition.

CANCELED, WITHDRAWN and EXPIRED Listings – Homes that have been removed or expired off of the market.

PENDING SALES – Homes that have gone Under Contract and are waiting to close.

SOLDS – Properties that have actually Sold and Closed and are what become the COMPS or Comparative Properties that are used to price your home and are used by Appraisers to appraise the properties to determine Appraised value.   These are what you want to give the strongest consideration.

You will be able to review all of the important details about each of these homes such as year built, number of days it has been on the market, compare the rooms offered, lot size and description, features of home, condition, additions and updating of home, the original list price and the current offering price.   The CMA will include photos of the homes exteriors and if you want to look at the interiors of each home to see how they visual compare you can be provided an on line report where you can view virtual tours of all the homes.

This report will also include easy to read color charts to help you visually see the comparisons of these properties!   It will also show you the Average, Low and High Price in each category.

When reviewing the Sold properties you can see the List price of home, the Price that it actually sold for, the number of days it took to get it sold, the % of Sold to List and the date that it closed.

The Real Estate Market changes just like the Financial, Stock and World Markets so you always need to look at the data to see what the market shows during the period of time that you are in.   Most CMA’s are typically done for the previous 6 months.   There are many factors that can have an affect on the value of a property such as the Supply – number of homes on the market and the Demand – number of buyers in the market.   You also need to consider if this factor is increasing, decreasing or constant.    The value of your real estate can also be threatened by outside influences such as changes in governmental policy and the economy.

When you are selling a home in a market that is Price driven like we are in today it is CRITICAL that you price the home properly in the beginning or you can spend many days on the market with no results.

So if you have thoughts of putting your home on the market give The HeartHangers a call today and let us put together a Comparative Market Analysis for you to review. We can sit down at your kitchen table with a nice hot cup of coffee or iced tea and help you to decide the offering price of your home. And while we are there we can also give you some ideas on things that you might need to do to prepare your home for the market!

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