How Much is My Home Worth?
We're just on the cusp of the busy real estate season, so if you're thinking of selling your home, you'll want to touch base with your real estate sales representative right now, even if you're not planning to put your home on the market for another few months.
The top question you may have is, "How much can I get for my home?"
To assess your home's true market value, REALTORS® consider various social, political and economic factors. But that's only part of the picture. Your home's value also depends on specifics like location, size, condition, strengths and weaknesses, and the prices of comparable recently sold homes. As part of the home selling service, your real estate sales representative will assess these factors in what's known as a Comparative Market Analysis (CMA).
CMAs compare your home to similar homes, taking into account factors like number of bedrooms and baths, square footage, listing prices and selling prices, adjusting for any differences. The fewer adjustments necessary, the better the comparison, which is why realtors base their CMAs on the properties best fitting criteria.
CMAs can list homes currently on the market, expired from the market, and sold. It is primarily the sold properties that are relevant to your CMA — the listing price of a home on the market isn't always a good indication of its value, and those that have expired likely didn't sell due to being overpriced.
CMAs are based on fact, rather than opinions, which makes them a very valuable tool in helping you arrive at a selling price that's fair and will make for a speedy sale.