Pricing your house when it’s time to sell…….
So you have chosen to interview a few agents to see who will do the best job for you.What can you expect from them?
Here’s what I would want to see from each one:
I would want them to present me with an overview of the current market conditions in my community and to take a stab at the projections over the next 12 months. Hopefully, my house will sell way before then.
I would want them to present me with what they consider a fair market value for my house. None of the Zillow stuff or futile guesses at what the house will sell for. Hopefully what every agent has at their disposal are the tools to perform a good CMA (Comparative Market Analysis ) and a healthy dose of common sense.
So let’s talk about the ins and outs of setting a price for your outstanding home to sell at.
Any solicitation that offers to give you a price on your home, sight unseen, is simply fishing for a warm lead. How on earth does anyone assess the value of a house without even driving into the neighborhood, let alone not seeing it in the flesh? You will notice that the large sites like Trulia, Realtor.com and Zillow, will give you an estimate of the value of your house. Fair, to a degree but mostly inaccurate. Here’s why:
Take two identical houses which would cost approximately $300k to build. They are across the road from one another. One sits on .3 acres on a beautiful lake with a dock permit etc and that lot without a house is valued at $400k. House and lot are valued at $700k.
House across the road, has lake views and sits on .3 acres. The lot is worth $50k. House and lot are valued at $350k
But the large aforementioned sites will give them both the same value. And then of course there are identical houses, one on a finished basement that cost about $100k to finish and the other on an unfinished basement. Very often here in GA, the owner does not notify the county of the additional finished space in order to avoid higher taxes.
So to find out what the CMA contains, check out the next blog. See you there