Comparative Market Analysis For Sellers

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Comparative Market Analysis For Sellers

Do you remember when you first purchased your home? Whether the experience was nerve-wracking, emotional or filled with elation, you probably haven’t forgotten the endless stream of numbers, calculations, and fees.

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Now that you have decided to sell your home for whatever reason, understand that no one person, including you, determines the selling price of your home.

What if your house has major improvements or you know the exact dollar amount you paid for it ten years ago? It all comes down to one undeniable fact that the current real estate market tells you what your house is worth, not you or anyone else. Real estate agents will typically do a Comparative Market Analysis for you before putting your home on the market. This comprehensive, sometimes complex report will help you figure out home pricing and contains the data listed below:

Active Listings – Homes currently on the market are on this list and are your competition. Just like you, other sellers can ask whatever price they want, even if it’s unrealistic. Asking price does not reflect market value until the home sells, but if the market is favoring buyers, homes sell for less.

Pending Listings – When a listed home is under contract but the sale has not closed, it is considered as a pending listing. The sale price is not comparable at this stage, but it is an indication of the market’s direction. The listing price of the pending home sale can be compared to yours, and if yours is higher, your home may spend more days on the market.

Sold Listings – Comparable sales from the past six months are listed and are often used by appraisers to determine the value of your home. Take time and study this list, because it is an apples-to-apples comparison of homes that have sold at the given price.

Off-Market, Withdrawn, Canceled – Some properties are taken off the market because the prices were too high and they will appear on this list. There are other reasons homes are removed, too, but the average price in this group will most likely be higher than the Sold Listings sales, so keep that in mind.

Bad pricing of your home is lethal to your sale, both in market time and in lost revenue. Have your agent explain all of the information relevant to your home to devise an effective pricing strategy that will interest buyers without getting flooded with unreasonable offers.

Keep in mind though, your assessed value may be based on emotional worth or carefully planned improvements you have invested in over the years. It is easy to understand why you would be protective of your largest financial asset, but you must remain realistic in today’s market without thinking that you have to sell your home at a bargain-basement price.

Enter Any TX Home Address & Get In Depth Info & Value Instantly!

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