As you consider selling your home in Acworth or Dallas, you should determine what your home is worth. You may have an idea of what that number is, but in today’s rapidly changing real estate market, you might be mistaken. Home values in Acworth and Dallas have changed significantly in the past year, and sometimes in the past few months.
You may have seen what other homes in your neighborhood have sold for or kept an eye on local listings. Your real estate agent will prepare a comparative market analysis (CMA) for you offering an in-depth analysis of any research you may have done on your own. The CMA is used to help evaluate how your home will fare against the competition. It considers homes currently listed and those recently sold in your neighborhood compared to yours. The purpose is to find the highest price that will still make the home competitive in today’s market.
A CMA and Home Values in Acworth
The CMA includes information about your home including things such as number of bedrooms and baths, approximate square footage, size of major rooms, age of the home, property taxes, and desirable amenities such as fireplaces and pools.
Depending on the market the CMA will go back in time as long ago as a year or a month or week ago. The range can also vary. Some will just cover a few streets around your home, CMAs can cover areas as narrow as one or two streets surrounding your home, or as broad as an entire subdivision. Typically this will depend on what data is available to create an accurate comparison. If there have been no home sales in your subdivision in a while, the real estate agent will probably look at nearby areas or go back to the most recent sale.
In creating the comparison, your real estate agent will look at similarities and differences. For example, if your neighbor’s home recently sold but has four bedrooms compared to your three, and a finished basement while your home is on a slab, these additional items need to be subtracted from the sale price. If the situation were reversed and you had the additional bedroom and basement, those items would be added to the sale price.
Beauty Is In The Eye Of The Beholder (Or Potential Buyer)
Selling a home isn’t just about the facts. Potential home buyers make decisions based on curb appeal, light, design choices and many other factors. Sometimes that can factor in the sale price, as can location, neighborhood amenities, and more.
At the end of each home’s information on the CMA report there will be a brief statement provided by the listing agent that will address some of these subjective factors such as recent remodels, historic features, or things that might be of interest to the buyers. A real estate agent will likely use this information in marketing your home.
The Changing Face of the CMA
The CMA today is different than it was before the internet era partly because the potential seller does so much of their homework ahead of time. There are still resources that agents have access to that most sellers do not. Also agents have the experience of listing, marketing, and selling many homes on their side. A local expert will know what buyers in the area look for and be able to easily assess how your home measures up. Together you and your agent can find a price that brings you what you need and will be attractive enough to attract your home’s new owner.
Want to know what your home is worth? Get a free home value report for your neighborhood now.