Whether you are thinking about selling, looking to refinance, or just curious I am happy to assist! Just take a few moments to fill out the form below and I will contact you within 24 hours with the results of your quick Comparative Market Analysis.
What is a Comparative Market Analysis?
A comparative market analysis includes recent market data to help estimate a proper list price for your home. When you sell your home, an appraisal will be required by the buyers’ lender, so your home has to appraise for the selling price or, depending on how your contract is written, you will have to renegotiate the sale or the buyers will need to come up with extra cash.
A Comparative Market Analysis is a bit both art and science. While it’s based on data, it also requires local market knowledge and intuition about which homes to compare and how to interpret the prices. I look for recent sales of homes that are similar to yours, preferably within the past two or three months, up to about six months. In addition, I take into consideration other homes currently on the market and homes that didn’t sell that were taken off the market to compare values.
The comparison of your home with others includes not only the size and the number of bedrooms and baths, but also the condition of your home, the neighborhood and the proximity to amenities.
The smartest and fastest way to sell your home is to price it as accurately as possible from the beginning. Studies show that an overpriced home that lingers on the market will end up selling for less than the estimated correct price.