Whether you are deciding to put your house up for sale or you are searching for a home to buy, a home evaluation — also known as a Comparative Market Analysis (CMA) — is important in determining the market value of the property.
A CMA is a report that includes both active and sold listings. Agents use these reports to help pinpoint an accurate market value for a listed home. A home evaluation for sellers is something that should be done prior to the home being listed on Multiple Listing Service (MLS).
When an agent goes to a home to do a CMA presentation, the agent will do a walkthrough of the home before sitting down with the sellers to review other relevant listings that are active or have recently been sold within the area that are comparable to their home.
Looking at home values in the surrounding area will give both the seller and the listing agent an approximate price range at which the home should be listed, based on the current market value.
When listing your home on the market you want to ensure that you are pricing it accurately. You don’t want your home to be overpriced because your home will end up sitting on the market while the competitors’ homes are being sold.
The same is true where the home is undervalued as this will result in the seller losing money on a home that they could have sold at a higher price.
Before your house goes on the market
Besides getting a CMA, there are other important steps that we recommend you do before you list your house on the MLS:
Declutter and Organize
Homeowners want to ensure that their home is going to appeal to buyers who typically like big, open, clutter-free spaces.
From the minute a potential buyer walks through the door of your home you want them to envision themselves living in the house. The best way to achieve this is by de-personalizing your home by removing things such as family photos.
At the Paula Mitchell Group, we have an in-house stager, Samantha Amodeo, who can provide your with a staging consultation prior to selling your home. Home staging can increase a home’s sale price by as much as 15%.
To learn more about how Samantha’s can help get you a higher price for your home, contact us.
Improve Curb Appeal
Improving your home’s curb appeal is especially important when you are listing your home in the spring, summer and fall months. The exterior of your home is the first thing potential buyers see when they are looking at your home. It only takes roughly 8 seconds for a buyer to determine if they are interested in the home so if your curb appeal is lacking, you may lose a potential buyer’s interest before they even walk in the front door.
If you are thinking of selling your home and want to know more about the comparative market value of your property, contact the Paula Mitchell Group’s team of real estate experts.