How Home Price Is Determined
Price is determined by what a buyer is willing to pay for a home. Ultimately, at the end of the day, market price is set by the buyer. Therefore it is imperative for me to dig and discover exactly what buyers are currently paying for a home as similar to yours as possible.
In my practice I use a large pool of information to determine what buyers are currently willing to pay for a home similar to yours. Also, by showing you the market trends in your neighborhood, you can determine whether it makes more sense to sell now or wait.
Comparative Market Analysis (CMA)
A (CMA) is an extremely helpful tool that I use to determine what the market is saying. The (CMA) is a side-by-side comparison report of homes currently for sale and homes that have SOLD in the same neighborhood or area as yours. I will typically include new listings (for sale), pending (under contract), closed sales (SOLD), and expired listings (failed to sell)
Because I work and live in the area, I have had the opportunity to become intimately familiar with our local neighborhoods. This puts me in the best position to help educate you on what the market is doing, how the market is trending, and how to get the most for your home in the least amount of time. Achieving these kinds of results enables me to net my clients net the most amount for their homes.
Location: When preparing your (CMA) I will endeavor to use comparables from your neighborhood, Besides that, I will also pull a report of every home SOLD on your street in the past year so that I can review some specific trending data.
Size: Generally speaking I try to keep the comparable properties to within 10% of the size of your home.
Age: When aggregating the data, I will endeavor to select comparables that are the exact year built as your home or within just a few years.
Other Details: There are quite a few other parameters that I search through in order to get the most accurate results, including number of bedrooms, bathrooms, garage spaces, living areas, number of stories and more.
