Comparative market analysis is a tool that helps sellers to know about how much their home is worth. It gives an overview of what a good price for the home is in the current market based on comparable properties. Different realtors have different practices as to how they present this information. CMAs can vary from a two page list to a 50-page guide. The reports vary as to how in-depth they get as well. The important things is the information that they contain.
What Data Does A Comparative Market Analysis Contain?
- Active listings of homes currently for sale
- Homes that are pending being listed
- Homes that have sold in the past 6 months
- Off market homes
- Homes that have withdrawn from the market
- Cancelled listings
Why Homes May Have Been Taken Off The Market
Homes can go on and off the market for a variety of reasons. These reasons include seller’s remorse, high pricing, requests for repairs, or the seller may have hired a completely new agent.
Looking At Comparable Sales
Comparable sales are the homes that have recently sold and are most closely related to your home. You’ll want to find the homes on the list that are most like your home. When finding comparable homes, take the following into consideration:
- Similar square footage
- Same rough age
- Comparable condition
- Similar upgrades
- Close proximity to the same neighborhoods, schools, and amenities
It’s important when you’re using these comparative reports that you find homes on the list that are very similar to your own. You don’t want to be comparing the price of an 8-room split level with an 11-room colonial. You also need to keep in mind that there are some neighborhoods that are more desirable than others. If one house is much closer to a sought after school than your home, you’ll need to take that into consideration for a price point.
Location may be one of the most valuable things about your home that you can’t really change. Buyers seek to live in a certain area of town and are willing to pay top dollar to do so. If you find that nearby homes are selling for much more or much less than homes even closer to yours, the location of your home may be a huge factor.
The comparative market analysis is just one tool that your real estate agent uses to help you price your home just right and use the right marketing tools to sell it. These reports help you to be an informed seller. Comparative market analysis reports are just one more good reason that you need a real estate agent to help you sell your home.
Looking to sell your condo? You're in luck, as there is high demand for condos across the United States.
As a condo seller, it is important to allocate the necessary time and resources to find ways to maximize the value of your property. By doing so, you'll be able to evaluate your condo, understand its strengths and weaknesses and take the right steps to enhance your property's appearance.
Moreover, there are several factors that you should consider before you add your condo to the housing market, including:
1. Your Condo's Condition
How will property buyers feel when they see your condo for the first time? Ultimately, you'll want your condo to make a positive first impression on homebuyers. To accomplish this goal, you may need to complete assorted home improvement tasks to enhance your condo both inside and out.
A property appraisal may prove to be exceedingly valuable, as this assessment will allow you to learn about your condo's condition. During the evaluation, a home appraiser will take a close look around your condo and offer honest, unbiased recommendations that you can use to improve your residence.
2. Your Timeline
You know that you want to sell your condo, but how quickly would you like to relocate to a new address? Understand your condo selling timeline, and you'll be able to plan accordingly.
For a condo seller who wants to move as soon as possible, establishing a competitive price from the get-go is essential. This price will help your condo stand out from other properties that are available and increase your chances of a quick condo sale.
3. Condo Rules and Regulations
If you plan to sell your condo, it is always better to err on the side of caution. Therefore, you should check with your homeowners' association (HOA) to see if there are any rules or requirements that must be followed when you sell your property.
For example, some condo communities may require HOA board approval for a new property owner. Or, if you live in a gated condo community, you should find out whether permission is needed to host an open house to showcase your property to a broad range of property buyers.
Selling a condo may seem like a complex process, particularly for those who are listing a property for the first time. Lucky for you, real estate agents are available to help you get the best results.
Employing a real estate agent with condo selling experience is paramount. With this real estate agent at your side, you should have no trouble optimizing the value of your condo.
Typically, a real estate agent will set up condo showings, negotiate with property buyers on your behalf. This real estate professional also will respond to your condo selling concerns and queries, ensuring you can make informed property selling decisions.
Don't leave anything to chance when you sell your condo. Collaborate with a real estate agent, and you can boost your chances of a seamless property sale.
Once you’re ready to sell your home, you want to be sure that your home is smelling fresh. There’s a few sneaky odors that can creep into your home for various reasons. The consequences of horrible smells when you’re selling your home are really not good. Read on to prevent funky odors from turning off buyers from your home.
Food That’s Past Fresh
Whether your garbage disposal is a bit clogged and could use a cleaning or your fridge hasn’t been purged in awhile, these things could be causing a stink. Make sure you stay on top of leftovers and take care of anything that may be in the refrigerator for too long.
Clean your garbage disposal often. It’s simple to make a “volcano” by throwing some baking soda down there and then pouring vinegar over it, allowing everything in the disposal to bubble up. You can even put a lemon or lemon juice in the disposal in order keep a good smell going.
That Wet Dog Smell
Any kind of animal will leave some sort of odor in your home. Whether you have a dog, a hamster, birds, or cats, you’re going to need to freshen up your space. Keep the litter box changed and add some baking soda for a bit of freshness. Make sure to remove any stains on your carpets or floors as well. If a piece of furniture or a carpet is to blame for the strong odors, you may need to remove that piece from your home completely to get the stench out.
Your Air Conditioning Smells Bad
Since water can build up inside of your air conditioning unit, sometimes, a bit of maintenance is necessary. AC units must be cleaned regularly in order to keep strange smells away.
Something Smells Musty
A musty smell usually spells a water leak. Whether it’s in your basement or under your sink, you need to correct leaks in order to get to the root cause of musty smells.
Clean A Carpet With Vodka
You can put some cheap vodka in a spray bottle in order to clean a carpet. This technique can be used for more troublesome areas of the rug. As the alcohol evaporates, so won’t the odors that are filling your home.
The Air In Your Home Is Stagnant
When the air in your home smells kind of stale, you’ll need to get the air circulation back in the house again. This can be easily remedied just by opening the windows. Even if it’s cold outside, it’s good to get the air circulating in your house again. This simple action effectively changes the air in your home without any fancy chemicals or techniques.
There is no surefire formula to craft the perfect home listing. Instead, a seller must allocate the necessary time and resources to ensure a listing hits the mark with buyers. If a seller fails to do so, this individual may struggle to stir up interest in his or her home. Perhaps worst of all, this seller's home may linger on the real estate market for an extended period of time.
Ultimately, there are lots of things a seller can do to craft an engaging and informative home listing. These include:
1. Focus on the Positives
Think about why a buyer may consider your house over other available properties. Then, you'll be better equipped than ever before to highlight your home's positive aspects in your listing.
It may be beneficial to consider what makes your house unique as well. If you include details that show buyers why your home is a one-of-a-kind residence, you may be able to increase the likelihood that buyers will want to view your house in-person.
2. Provide Accurate Information
There is no reason to stretch the truth in your home listing. In fact, doing so may actually slow down the home selling process. But if you include accurate information about your residence in your listing, a buyer can use your listing to determine if your house is the right choice based on his or her individual needs.
When it comes to crafting an effective home listing, a straightforward approach is ideal. Thus, avoiding jargon is crucial, particularly if you want your listing to make a positive impression on buyers.
3. Include High-Resolution Images
Although your listing may include great information about your house, you may want to incorporate high-resolution images of your residence into your listing. That way, you can show buyers the true beauty of your house.
Of course, before you take photos of your home's interior and exterior, you should perform house cleaning and maintenance. Because if you incorporate photos into your listing that portray your house in a negative light, it may be difficult to generate interest in your residence.
For those who require extra help as they put together a home listing, working with a real estate agent may be a good idea. A real estate agent is a house selling expert who can help you create a listing that matches your expectations.
Typically, a real estate agent will meet with a home seller and learn about this individual's property selling goals. He or she next will help a seller craft a listing. Finally, when a listing is ready, a real estate agent will add a seller's residence to the housing market and promote the home to buyers.
To achieve the best-possible results during the home selling journey, it helps to craft a listing that is easy to understand and provides valuable information about a house. Thanks to the aforementioned tips, you can create a home listing that may help you garner interest in your residence as soon as it becomes available.