Thursday, December 5, 2019 / by Ira Miskin
Here’s another behind the scenes look at what is so important to helping you get your home properly prepared and presented to buyers when your home goes on the market to sell.
It’s called a CMA – real estate agent jargon for a competitive market analysis which is a fancy way of saying – how much is your home worth to Buyers and how can we set a price that enhances the benefits of owning your home.
CLICK HERE TO VIEW VIDEO: https://youtu.be/9J8Lqv8j3ws
The CMA has many components that all contribute to finding the market value for your home... that will get you the most money for the home when it sells,... because it is attractive to Buyers so they’ll not only want to come see your home, but even compete for the opportunity to buy it from you!
This CMA starts with some photos... that may seem like just a simple visual enhancement for the report... but it’s actually a visual analysis of your home in its location... because often, the location and setting for you home can positively or negatively affect buyer perception of value and selling price.
Is the home within a sub-division community or on a street outside of a community? Is it on a street with lots of traffic and noise or a quiet, safe cul-de-sac? How close or far away from the community entrance is the home? Can I walk to the pool with the children or must I drive? Where is shopping and where are the schools located in proximity to my home? Is it close to an expressway or miles away?
What does the homesite look like and how close or far away is the home from my neighbors?
All of these and more can and do affect buyer perception of value and therefore the price and saleability.
Several years ago, we helped a couple purchase their first home in a smaller sub division in Marietta, in a very good school district and pretty close to schools and shopping. But the lot had an issue we knew would affect the saleability of the home when they planned on selling. We explained the issue to our Buyers and how it would help them negotiate a good price for the home... but when they wanted to sell... they’d be facing the same issue... as the seller when they would be wanting to sell for top price. “Oh, no... we love this home and that is feels so private on this down sloping lot. It’s what we want and we’ll never be selling it anyway.” So, we helped them buy the home at a great price... and of course... seven years later when they’d outgrown the home and we were asked to sell it so they could buy a larger home for their growing family... the homesite remained a potential issue.
Understanding the downside of the lot vs. the positive benefits of owning a great home in move-in-condition... in a top school district with all the necessary conveniences of schools and shopping... we were able to use location and images to tell the home’s story filled with the benefits of owning this home – including how private and safe it felt because of its down sloping home site. The location and home’s obvious benefits plus the “privacy” factor attracted a single business woman who was looking for a move-in-ready home ns a safe and convenient community and the home’s benefits, seemed equal to the price. We sold the home in two weeks at nearly full listed price. Understanding how to price the home in relation to its location set a listing sale price that was equal to the benefits of owning the home.
The CMA is not only numbers and comparisons, it’s also a visual analysis of benefits and value as related to price so that Buyers will want to buy your home and be willing to pay you real market value.
Want to know what your home is worth in today’s complex market? Call us at 770-672-7832 and ask for your FREE no obligation in home evaluation and pricing analysis – your own CMA! I‘m Ira Miskin, co-team leader with The Miskin Team and Your Home Sold Guaranteed Realty. See you next time!