If you’re selling your home, you probably already know that its worth is based on a number of factors – and that you don’t control them all.
That’s true whether you’re selling a home on Marco Island or elsewhere.
So how can you determine what your home is worth before you put it on the market, and why is it so important to get the price just right?
The Comparative Market Analysis: A Seller’s Most Valuable Tool
Your REALTOR®® can prepare a comparative market analysis, or CMA, to show you what homes in your neighborhood are worth. The market largely dictates where you’ll be able to price your home on the spectrum, but amenities and location play a very important role.
What is a CMA?
A comparative market analysis is a document prepared by a trained real estate agent. Your REALTOR® will search for properties that are very similar to yours to begin the evaluation. She’ll look at those that have closed within the last 6 months and those that are currently for sale. She’ll also look at pending sales and expired listings (those that didn’t sell during the listing period).
Armed with that information, your REALTOR® will compare your home to those and determine what yours is likely to sell for; this is a very important step in the selling process because you need to put your home on the market at the right price.
If you price your home too low, you’re leaving money on the table. If you price it too high, it will sit on the market for too long.
When a home sits on the market for too long, its perceived value dwindles. Dropping the price can send a signal to potential buyers that the home may not even be worth considering.
What About Online Home Value Estimates?
Because instant home evaluation tools use generic data and don’t account for your home’s specific amenities, they’re typically off-base… sometimes by as much as 12 percent, which is quite a bit in the Marco Island real estate market.
Get Your Free CMA Now
If you’re interested in selling your home, let us prepare a free comparative market analysis for you.
Call us at 239.821.7926 or contact us online to talk about your options. We’ll be happy to help you sell your home quickly and at the right price.