Two homes that are strikingly similar can sell for vastly different prices – but why?
The answer is often related to market comparability. Not necessarily between the houses themselves, but their respective locations – and in some cases, a small home in a highly sought-after area can sell for substantially more than a larger home in a less popular area.
That’s not always the case, though. When it comes to evaluating how much your property is worth, it’s usually best to rely on a Realtor® who can give you an accurate comparative market analysis.
What is a CMA?
A comparative market analysis includes all the information you need to ensure that you are pricing your home correctly for the market.
Your Realtor will do extensive research that includes looking at properties that have sold and closed within the past 12 months. He’ll also look at properties that are currently for sale, listings that have sold but haven’t yet closed, and properties that did not sell during their listing periods.
The reason your Realtor needs this information is so that he can evaluate what your home is worth as compared to other, similar homes in the same area.
What Happens if You Get the Wrong Price?
If you attempt to sell your home for too much money, it will languish on the market. The longer a home sits on the market, the less perceived value it has to potential buyers. It becomes a “stale” listing, and you may eventually need to lower the price.
If you ask too little for your home, you’re leaving money on the table – money that could go toward the purchase of a new home or, in some cases, cover the difference between the sales price and what you owe the bank.
Do You Need a CMA for Your Lake City Home?
If you are considering selling your home in Lake City, we can help you find the right price so you can sell your home quickly. We’ll give you a free CMA see you can make the right choices.
Call us at 386-243-0124 or get in touch with us online for your free CMA today.
