Springfield Real Estate News

What is My Home Worth

By Team Thomas

If you’re thinking about selling your home the first question is how much is your house worth? A Realtor can give you a Comparable Market Analysis (CMA). This report will provide you with all the homes similar to yours currently for sale and recently sold within your area. Look closely at the average sold price of homes similar to yours (similar square footage, similar age of home, similar amenities). This is what your home is worth in today’s market. Second, take a look at the current homes active for sale. These homes are your competition. You will want to position your home competitively in the market.

There is a common mistake we see people make. Sellers try to start their asking price too high. Sellers often know they are a little high to start, but assume an offer will come in and they will be have more negotiating power with a slightly higher asking price. In previous years, this strategy might have worked. Unfortunately, in today’s market this strategy results in failure. If a home is over-priced buyers will not even look at the house. They review it online and immediately determine if it’s overpriced and mark it off their favorites list. Over priced homes receive few showings and rarely receive contracts to purchase.

Pricing your home is critical in today’s competitive market. Don’t forget it’s not only the key to showing and selling your home, it’s also the key in receiving a good appraisal. If the buyer purchasing your home is receiving a mortgage loan in order to purchase, the contract will be subject to an acceptable bank appraisal. The bank appraiser will conduct a thorough report consisting of all the recently sold homes similar to yours in your area. Does that sound familiar? If you priced your home competitively according to your Realtors CMA, then you will have no problem receiving an acceptable appraisal.

In addition to pricing your home to sell, you will also need to stage your home to sell. Today we have very informed buyers. Most buyers spend weeks online viewing photos prior to actually stepping foot into a home. The buyers have also spent time watching HGTV shows highlighting how to purchase a home. Today’s buyer tends to expect the home to be in great condition, well cleaned and ready to showcase. Don’t underestimate the significance in preparing your home to sell. Be sure to contact your Realtor to get tips on how to showcase your home. Bottom line, contact your Realtor today and request a complete CMA on your home. We’ll schedule an appointment at your convenience so we can explain the details of the report. Call Team Thomas today at 417-575-1291.


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