Tips and FAQ’s for Selling Your Home
What is a CMA & why is it Important?
CMA stands for Comparative Market Analysis and it’s the term real estate agents use when we conduct an in-depth analysis of a home’s worth in today’s market, based on a number of different factors.
You wouldn’t try to sell your car without first doing some homework on what it’s worth…so why would you be happy to take a wild guess on the value of your home??? You have to set a price that potential buyers will find attractive AND will also give you top dollar for your home.
The value of your home is influenced by quite a few different factors so it can be difficult to predict if you don’t have the knowledge, experience and accurate information to put together an analysis. Online home valuation sites maybe fun but they are based on past sales and not monitored/updated closely enough to paint an accurate picture and none of them go more than “skin-deep” in their evaluation of the specific property (your home). Real Estate Agents have the tools and experience, in your local market, necessary to give you an accurate CMA and meeting with a few different agents can be a great way to start preparing to sell your home.
The best part about a CMA is that it’s free! Contact Grant
How do I choose a real estate agent?
When selecting an agent, the best idea is to ask around and get a few names THEN interview 3 or 4 of them. Choosing an agent or brokerage based on the popularity of the real estate company is fine BUT keep in mind that the name of the agent or listing company on the “for sale” sign usually means more to the seller (you) than it does to the potential buyer. Buyers are interested in the house, not who your agent is and not the name of the listing company.
By interviewing a few different agents, you will be able to get specific information from each one and get a general feel for them and how they treat their clients. The home selling process isn’t always a quick turn around and you will be trusting your agent with personal information and the responsibility of representing your best interest in one of the biggest investments you will ever be involved in… your home.
There are obviously things like experience, background, commission rates, honesty, marketing and advertising experience etc etc, that you will want to consider but I think there are a few things that rarely get talked about so, as an agent myself, there are a couple of things that stand out to me when I work with other top agents around town: An effective and open communicator because this is a team effort so open & honest communication is essential. I think it’s also critically important to gauge an agent’s ability to connect with you and your family. Your agent will represent you in front of potential buyers AND other agents… there needs to be a certain“likeability” factor in order to get and keep buyers interested in working with your agent, to bring you an offer on your home.
What Factors Effect Pricing of your Home?
- Local market conditions
-Location & FACTS- such as lot size, square footage & condition of your home
- CMA Facts – comparable homes sold recently, current listings in the area etc
-Your level of motivation- the lower the price the faster the home will sell… If you are motivated to sell sooner rather than later, you will consider pricing your home much more competitively than you would have otherwise.
Conditions that do not affect the price of your home-
-The profit you wish to make from the sale- the best saying I’ve ever heard about this is that “you make your money when you BUY the home, not when you sell it”. In other words, if you made a smart buy, you will likely make a good profit. If you didn’t make a good buy then it will be harder to sell it for a good profit. Regardless of how much you WANT to make on the home, the house will only sell for what someone else is willing to pay for it.
-The original price you paid for your home- This goes along with what we just talked about… the price of the home is determined by what a buyer is willing to pay for it NOW, in this market, and not by what you paid for it. A lot of sellers have a hard time with this one, when their home has DEPRECIATED in value. On the flip side, NO ONE has a problem with this concept if their home APPRECIATED in value!
How to Make Your Home Shine to Potential Buyers
Every seller wants their home to sell fast and bring top dollar. Well, it doesn’t happen by accident. It’s careful planning and knowing how to professionally spruce up your home that will send home buyers scurrying to make an offer on your house. Remember, it only takes ONE buyer so every showing counts. The following tips will help you bring out the best in your house every time a potential buyer walks in the door…. Continue Reading this article on our BLOG