Consider some of these recommendations to prepare yourself and your home to sell.
Price Above All
When selling your home here in Cache Valley completing a Comparative Market Analysis, also known as a CMA is a must. Comparing similar homes in the area can yield a wealth of helpful information. These are known as “comps,” or comparable sales and refers to homes located in the same area and very similar in size, condition and features as the home you are trying to sell.
Buyers look at comps when deciding what price to offer on a home, and sellers use them to figure out how to best price their home for the market. As a real estate agent I look at comps all day long as a way to keep on top of the local market her in Cache Valley.
Location, Location, Location
When you are trying to price your home or determine its value, you need to look at homes nearby. The market is based on your specific location, so keeping the comparables as close to your home as possible is the best approach. This means comparing a 2,000 square foot ranch/rambler home that sold in Hyrum versus a 2 story 3,500 square foot home that sold in Smithfield is not an appropriate comparison.
When I can’t find enough comps nearby, I start expanding my search, but it is always best to stay within a mile of your home.
Why Time Matters
The best comps are homes that have sold recently. Why? Because recent home sales show us a piece of live market data. We also look at pending home sales, which means that a buyer and seller made a deal, and that deal will reflect the most up-to-the-minute stats on the market. It is also best to compare your home to others actively for sale. This helps you and I know your competition.
It is best to use sales in the past three months, and never go more than six months out. This is because older data does not reflect the current real estate market.
Your Home Features & Condition
Once we have a time frame and location, it is key to look for homes with similar features and condition that have recently sold. We consider factors like property views, a newly renovated kitchen, or a finished basement vs. an unfinished basement.
For example, if you have all three bedrooms on the same floor, we look for something similar. It is best to compare your home to like houses when it comes to attributes like the total size, number of bedrooms and bathrooms, and lot size.
Are You Ready?
My job is to get you where you want to go on time and represent your best interest. That being said, selling your home can be a tough emotional and financial decision. It’s easy to think you are ready and it’s okay if you’re not. You may want to consider a few things when getting ready to sell. Do you have somewhere to go? Are you selling in response to a personal life situation? Resisting selling can be a way to avoid what’s going on in life so it okay to be honest about the way you feel and communicate that with me.
Because there is so much information online about listings, past and present it is important to put your best foot forward when selling your home. Your competition is making great effort to get their home ready to show and you are competing with the same buyers.
Contact me today for help getting your home ready for sale!