Ever wondered what your home is worth?
Want to know where to start looking?
Whether you’re just curious or are eager to find a competitive listing price, using the best resources to find your property’s value is crucial.
Today, we’re going to be talking about two types of home evaluation tools: neighborhood sold reports and comparative market analyses.
Comparing Your Home with Your Neighbor’s
A neighborhood sold report is a detailed list of homes that have recently sold in your area. They include information about the square footage, number of bedrooms and bathrooms, address, neighborhood, and, of course, the sold price.
Since sales prices are determined in part by your home’s location, as well as a neighborhood’s housing supply and demand, honing in on your own neighborhood real estate market is the best way to determine what the housing market is doing and how it can affect your listing price.
How much did your neighbor receive for his 4-bedroom, 3-bathroom house down the street? Is your listing price thousands of dollars more?
If your home is priced too high, you’ll know immediately by looking at the comparisons in the neighborhood sold report. It’s better to learn sooner rather than later, when your home is on the market and you’re feeling frustrated by the lack of home buyer interest. The same goes with pricing your home too low.
Your Home’s Value in Today’s Market
A comparative market analysis, often called a CMA, is a fantastic tool to help you determine your home’s value. This report can include anything relevant about the current real estate market in your area, such as:
- recent neighborhood home sales
- withdrawn home listing prices
- unique property features
The important distinction between neighborhood sold reports and comparative market analyses is that the CMAs are more detailed, and can take into account any home improvements or unique property features that buyers would be more interested in (and therefore, would pay more for).
The bottom line: CMAs help you find that sweet, sweet selling price that’s fair to you but still attracts potential home buyers.
Don’t Settle for Estimates
If you’re serious about selling your home, the market value of your property is what you’re after. Don’t settle for estimates based solely on your address or outdated information.
You’ll want to do considerable research on the current state of your local real estate market to help you determine the best listing price for your home. If you need help along the way, our real estate experts are always happy to offer assistance.
Sell Your Property with Our Real Estate Experts
We offer both a neighborhood sold report and a comparative market analysis, and we can work with you to determine the best price for your property. And if you’re eager to get the results you’re looking for in your home sale, list your property with our dedicated real estate team.
Contact us today to get started!
Janis Peterson, REALTOR®, GRI, ABR, SRES, CSP
Main Line Homes Luxury Real Estate Agent