If you’ve ever purchased or sold a home chances are you’re familiar with the term “comparative market analysis”. But do you know what it means? A Comparative Market Analysis (CMA) is an in-depth study that compares the price of similar properties on the market and recent property sales records to the home you’re considering purchasing or selling. The goal of a CMA is to find an accurate range of what the home you’re considering is worth. As your real estate agent we will complete a CMA for you because it's the best way to know what the realistic price for a home should be.
There can be a difference between the amount you’re asking for and what it is really worth. You do not want to over price your property and hope for unrealistic offers, nor do you want to bargain price the home when buyers will want to negotiate it down further. A comprehensive CMA will show you what price range your home falls into and it provides the statistics to back up the asking price.
As your real estate agent doing a CMA is part of what we do to assist you in selling or buying a home. This involves pulling data from the Multiple Listing Service (MLS) for homes currently for sale and for those that recently have sold in your area that are also the closest match to your property.
The homes in the report will be similar in square footage, lot size, condition, and features. Though no home may be identical to your own, educated guesses regarding the value in the differences will be made and added or subtracted. For example, a home like yours but without a garage will get the value of a garage subtracted from its price in the analysis.
Picking the wrong comparables (also called “comps”) creates the wrong price range. Your listing agent will share their comparables. Things looked at include:
• Type & style of home: Condos are not compared to houses, and a one story ranch is hard to compare to a two story colonial.
• Neighborhood & school district: The CMA will show comparables in the same or similar neighborhoods and school districts as your home.
• Location, location, location: Views, waterfront access, and even the type of neighborhood a home is in all factor into the home's value.
• Square footage: The comparables should be within 15 percent of your home's square footage.
• Number of bedrooms and bathrooms: Comparing larger homes with 3, 4 and 5 beds is fine but below that it gets tricky. Homes with one and two bedrooms do not compare well with 3 to 5 bedroom properties.
• Age of home: A new home makes a good comparison for new home construction or other homes under five years old. However, they’re valued far differently than older homes for sale.
• Condition of home: A fixer-upper would be compared only to other fixer-uppers just as a newly remodeled or maintained home would be compared to the same.
• Lot size and usability: Lot size is significant only when the difference is big. For example, a home with an acre of land can't be compared to one with a small back yard.
Some things about the property may not have the selling value that you might think it has. For example, properties with a pool might be nice for those buyers who want a pool but actually may work against you for buyers who don’t want the work or have small children. The same can be said for extensive flower gardens. This is a feature that probably does not add the value of what it cost you to install.
Once you have the CMA in hand you can see how similar properties were priced, how long it took them to sell and what the final contracted price was. You can also see what your competition is with similar homes for sale. This is how we determine what sale price you should consider.
If you have any additional questions about comparative market analysis please don't hesitate to get in touch with us at Remax at the Beach. We'd be happy to answer any questions you may have and do a market analysis on your home.
Once you’ve decided you want to sell your home you need to do everything you possibly can to have it show well from top to bottom, inside and out. Long before you even call a Realtor you should start prepping your home for putting it on the market. We caution you – do not wait until it’s listed to start fixing and cleaning things. When you list with Re/Max At the Beach you could have showings scheduled as soon as you list!
It’s important to view your home through the eyes of a buyer when it comes to knowing what to focus on. Before potential buyers ever see the inside of your home, they view its exterior. As a result, a dirty home or otherwise unattractive view of the outside of your home could potentially result in a missed opportunity. You may think these things don’t matter but trust us when we say they very much do.
First Impressions: An inviting exterior ensures buyers will step inside. Keep your lawn trimmed and edged, flowerbeds cultivated, the yard free and clear of refuse. Remove any dead potted plants and replace with flowerings ones but only if you can maintain them.
Fresh Paint: Faded walls and worn woodwork turn buyers off. Freshly painted walls make them happy because it means less work for them. Show your prospective buyers how great your home can look and the result will be a quicker sale at a higher price.
A Clean Home is a Happy Home: Sparkling clean windows inside and out will help your sale. Get those dark marks out of the carpeting and scrub the scuff marks off the walls. Yes, these things really do matter.
Kitchens Matter, a Lot: Keep oven and refrigerator interiors clean - they often get inspected. Scrub the stovetop until it sparkles, including the burner liners.
Little Fixes Make a Big Difference: Loose doorknobs, sticking drawers and warped cabinet doors are noticed by the prospect. If you can’t fix them yourself then call in a handyman to have them fixed.
Closet Illusions: Clothes properly hung, shoes, hats and other articles neatly placed, will give your closets an organized look. Pack and store excess items to make them appear large enough and not over-stuffed. Paint the interior of closets a bright white to really make them feel spacious.
Fix Dripping Faucets: Dripping faucets can discolor the enamel and calls attention to neglected plumbing maintenance.
Bathrooms Should Be Super Clean: Bright and clean bathrooms sell many homes. Less than that and they will sit for a long time. Keep toilet lids down and scrub out the scum and stains from the tubs and showers. Nobody wants to buy a dirty house.
The Brighter the Better: Illumination is key to a great showing. Turn on all the lights from the front porch, throughout the house and onto the back deck. The prospect will feel a glowing warmth; otherwise impossible to attain. Be sure to turn on lights during the day in rooms that are not so bright.
Three’s A Crowd: When a realtor and a buyer are scheduled to see your home you should leave before they ever arrive. Remove all pets from the home as well.
Turn the Television Off: The TV can distract from your home. Let the agent and the buyer talk free of any disturbances. Quiet instrumental music in the background sets a pleasant mood.
Smells Matter: People will linger in a fresh, pleasant smelling home. Stale air, bad odors like cigars and cigarettes or Lysol, make them want to leave fast and you will lose the sale. If you're not sure what your home smells like, ask a neighbor or friend to come inside and give their first impression.
Trust Your Realtor: Don’t discuss price, terms, possession or other factors with a potential buyer. Refer them to us. As a seller, anything you say could compromise your position. As a third party, a Realtor from Re/Max at the Beach can better bring the negotiation to a favorable conclusion.
People have mixed feelings when it comes to selling real estate during the holidays. Sellers weigh the impact the holidays may have on their chances of getting their home sold. They imagine juggling showings with family activities, holiday shopping, and seasonal events they must attend. But selling a home during the holidays can be as easy as at any other time of the year when you have Re/Max at the Beach in your corner.
The question returns every year about this time: Is it worth it to put your home on the market now, rather than wait until after the holiday season? The answer is yes! Listing now may actually help your home sell easier and faster than in the months to come. Following are some good reasons why.
• The market is going strong. You’ll want to catch the wave by not only selling your house in a reasonable amount of time, with solid offers from the more-serious holiday homebuyer, but also finding your next home at a good price. Your competition when bidding on homes will be considerably less at this time of the year.
• Many employers will relocate employees in time for the New Year so there are relocation buyers are out there shopping for a home. Many of these employees are not focused on holiday fun. These must-move buyers, particularly if they have children, want them to get settled during the holiday season so the kids are ready to enter their new school in January.
• Remember that you can limit the showings on your home to the timeframe when you want it shown. Talk to your Realtor about any special events or parties you have planned and work around them. Sometimes the holidays take you and your family away from the house, and that means easier showings for your Realtor.
• Your home will show better when tastefully decorated for the holidays. Keep it simple and classic, and don’t over-decorate or fill up the rooms with large decorations, making them feel smaller. This is a good time to remember that less is more. It will help you to capture the sentimental buyer who catches the holiday spirit when they see your home decorated.
• There will be substantially more homes for sale coming onto the market after the holidays so it’s critical to get your home listed now. New construction is making a huge comeback. There will be even more competition as buyers will have the option of purchasing new construction in the New Year.
Only you can decide if this is the time to list your home, but the holiday season is actually a very good reason to list your home now. We encourage you to call us at Re/Max at the Beach at 910-842-8686 and let us help you sell your home this holiday season.
Selling a home and moving can be an exciting time. It’s full of fresh starts, new friends, and in many cases it’s a brand new chapter in your life. But it can also be one of the most stressful times of your life. When you have a Realtor® like ReMax at the Beach in your corner you can rest assured you’ll have far less stress during the home selling process.
Moving can also be an emotional process. There are the children who are sad about saying goodbye to old friends, your concerns about the people you’ll meet in your new neighborhood. Then there’s the apprehension of whether or not you really did buy the best house within your means and will your children’s new schools will measure up to the ones their leaving.
It's easy to forget that moving can be an exciting adventure that will present you and your family with an opportunity for growth and new beginnings. If you’ve recruited a Realtor like us to lead you through the selling process, know that we’re very familiar with the stresses your family may encounter along the way.
It's important to remember throughout the period of time when you are selling your home and buying another, to make time for yourself and your family. Don’t put 100% of your focus on the move.
Taking time to have fun during this process is an insurance policy for your family’s sanity and happiness. Stress can eat away at us during what is supposed to be a happy time and can show itself as bickering, depression, and illness. Any major life change is stressful so be on guard and take precautions.
For the sake of your continued family harmony, keep these stress-relieving measures in mind:
~ It’s perfectly normal to feel unsure of your decision to relocate. Selling a home is a major commitment, and having worries is just plain normal. Focus instead on the new beginnings this move will provide.
~ Trust your Realtor to have your best interests in mind. Ask any questions that come up during the selling process – it’s part of why you have a Realtor. Keep looking forward to the adventure that lies ahead.
~ Keep an emergency fund available in case you run into any unexpected costs prior to selling. If your buyer comes to you after a home inspection and requests you cover a series of repairs prior to move-in, you'll be prepared.
~ Go online and gather as much information as you can about the area you’re moving to. What kinds of cultural offerings does the area offer? What are its landmarks and natural attractions? What would the children be most interested in seeing and doing there? It might be a great time to take up family hiking or biking!
~ While you’re waiting for your home to sell, take family excursions on a regular basis. Encourage everyone to talk about how they anticipate their lives to be once you’re settled into your new home. Be sure to bring up all of the positive possibilities that could take place.
Regardless of what you're feeling now, your home will sell and the move will happen. Everything will fall into place. Journeying into the unknown is what makes life rewarding, so trust in your Realtor's expertise and in your family's resilience, and look forward to the exciting journey ahead. If we can help you in any way to sell or buy a home, please give ReMax at the Beach a call at 910-842-8686.