In the final installment of our series about determining home values, we want to explain how real estate professionals determine true market value.
We start by doing a comparative market analysis (CMA). This means we will compare your home’s features to similar properties in the area. For the CMA, we look at the factors listed below to help determine our assessment of your home’s worth:
- Neighborhood sales – What homes similar to yours recently sold in your neighborhood? What was the selling price and what do they have in common with your house?
- The exterior – What does your home look like from the outside? We’ll factor in curb appeal, the style of the house, the front and backyard, and anything else that impacts how the house looks to everyone walking and driving by.
- The interior – This is everything inside the walls of the house. Square footage, number of bedrooms and bathrooms, appliances, and other factors all influence the overall market value.
- Age of the home – Whether you have a newer or older home influences the number we generate as part of our assessment.
- Style of the home – The style of your home is important because buyers have different tastes. If they prefer colonials and you have one, then your home may sell for a premium (aka more money!).
- Market trends – Because we have so much experience in the Cape Cod market –20 years at Today Real Estate! — we have our finger on the pulse of Cape trends and know what buyers are willing to pay for a property like yours.
- Location, location, location – This one’s probably the most obvious. We’ll consider how popular the area is, how safe it is, and what the schools are like.
A computer algorithm simply can’t take all of these factors into account when calculating the value of your home. The reality is, nothing beats the accuracy of a real estate professional or appraiser when it comes to determining a home’s true market value.
WE’RE THERE EVERY STEP OF THE WAY
Determining a home’s true market value is a our forte. If you’re a seller, we will help you find your home’s market value so you can list it at the right price.
For buyers, we will help you determine value so you can come up with a fair offer. We can also set up a personalized property search so you’ll receive emails of listings that meet your criteria. This will help you see what’s out there and how properties are being priced.
Get a Complimentary Report With Your Home’s True Market Value
Curious about your home’s true market value? Visit our website or contact us via the comment section or by calling 508-568-8191 to request a free, no-obligation Comparative Market Analysis.
If you have any questions, please let us know.
Our favorite real estate cartoon from last week.
Don’t be April fooled!
Mari and Hank