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Determining the Value of Your Home
 A
Comparative Market Analysis (CMA) is essential to determine the value of
residential property. Location and characteristics of the property are the key
elements in determining value. Therefore, the basis for valuation is similar
properties in your area. The market analysis takes into account the amount
received from recent sales of comparable properties and the quantity and
quality of comparable properties currently on the market. The desired end
result is to find a price that will attract a willing and able buyer in a
reasonable time..
Once the value of your home has been determined, you can decide on an offering
that will achieve your goals. Generally, the price should not exceed the value
by more then 5% or potential buyers may not even make offers. Naturally, if you
want to sell quickly your asking price should be very near the value.
The following are a few things to keep in mind about pricing:
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Realistic pricing will achieve maximum price in a reasonable time.
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Your cost or profit desire is irrelevant; the market determines the price.
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The cost of improvements are almost always more then the added value.
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Houses that remain on the market for a long time do not get shown.
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A house that is priced right from the beginning achieves the highest proceeds.
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