Understanding what your property is worth in the current real estate market allows you to make better decisions according to your goals.
In our industry, this is called a CMA, a Comparative Market Analysis; some use the word ‘Competitive’ instead. We compare all the relevant data in the competitive marketplace for guidance as to what price your property realistically could sell for at this time.
The most fundamental responsibility we have is to assess what your property could appraise for. If you put your property up for sale and get an accepted offer, the lender requires that the property appraise for at least the negotiated price. If not, in almost every case, the seller has to lower the price to the appraisal price and that infuriates any seller! I do not want to be the agent who recommended that price! The buyer may be elated to get a lower price, but the buyer also may get upset because it cannot close unless the seller agrees to a new price (which they might not), or unless the buyer pays the difference to satisfy the lender (this is a “loan-to-value” issue). This can end up a ‘lose-lose’. We need to get the price right!
Beyond the appraisal, you want to know what is the most money you could get for your sale. We can help you not ‘leave any money on the table’. You also want to know how long it will take to get the property sold. We can help you understand the dynamics of the current marketplace and help set educated expectations.
We are eager to share what we have found to be the most effective way to give you the most accurate information in a way that is understandable.
Our philosophy of business is that you are the decision-maker and you will choose your own pricing; our job is to give you the best information to help you make informed decisions. When this process is complete, we will also give you our recommendation of a price range we believe is supported by the best data available, but we are confident you will also see it for yourselves. Of course, the low end of the range will likely sell sooner, and the high range will likely take some patience.
We’d like to share with you our process to preparing a CMA, and begin the process of valuing your property in the current marketplace. This is a complimentary professional service we provide, in hopes of earning the opportunity to list your property for sale. If you’re interested in learning more, just drop us a note below. We are grateful for the opportunity to serve you!