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matter how attractive and polished your house may be, buyers will be comparing
its price with everything else on the market. Your best guide is a record
of what buyers have been willing to pay in the past few months for properties
comparable to yours in your area. We will produce a thorough comparative
market analysis (CMA) with the data of all comparables in your area. Based
on these results, we will have a good idea of what the market value of
your house is. The ultimate decision regarding how much to ask, however,
is strictly yours. But we strongly encourage you to not fall into the
temptation of overpricing the property- as this will only cost you thousands
of dollars in the long run.
REALTORS® don't
establish value, the market does. We mention this because many real
estate agents may come in here and try to buy your listing by saying
they can get you more for your home. These attempts are done in hopes
of securing the listing and coming back at a later date with a price
reduction request- after all- you're already under contract. Remember,
Realtors don't establish value- the market does.
Analyzing market
conditions. A comparative market analysis also known as a competitive
market analysis, a market or a CMA- differs from a formal appraisal
in several ways. The biggest difference is that an appraisal is based
on past sales only while CMA's may take currently available properties
and those pending a sale into consideration. Another major difference
is that while an appraisal can cost you several hundred dollars, we
will be more than happy to furnish a CMA to you at no cost or obligation.
For the most part, a CMA is probably enough to let you set the proper
price.
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