What Every Seller Should Know in Today's Market!

When you decide to sell your home and invite an agent to come by to list the property, a good part of the appointment is centered around the Comparative Market Analysis (CMA).  If you are not familiar with this term, here’s a brief overview of how a CMA works…It’s all about your home versus every other comparable property in the immediate or surrounding area.  This is how agents help their sellers establish a realistic asking price.  Recently sold listings, listings that have expired and active listings all need to be taken into account while establishing an acceptable price range.

Active Listings are your competition.  A good move is to attempt to out-price your competitors as you address subtle differences in value between your home and the rest.

Expired listings should be considered since those are the ones that were in many cases overpriced and therefore, did not sell.  Recently sold or closed listings are the homes that made it to closing and obviously the successful ones.  It’s important to use these homes as an indicator as to how well your home will do in the current market.

I can’t stress enough how important it is to price your property correctly in the beginning.  One of the most frequent questions that I receive from prospective buyers is: How long has it been on the market?  If the buyer perceives that it’s been on the market for too long. They will often “low ball” their offer, assuming that you are either desperate or that there is something wrong or undesirable about the property.

When you are ready to discuss the CMA with your agent, be sure not to place much emphasis on anything that sold prior to three months ago.  If you sell your home, the majority of buyers will be obtaining a home and when the bank sends out an appraiser, he or she will only consider properties within that time frame.

I hope this information is helpful to you and just so you know, I’m never too busy for your referrals!

Nancy Puder is the broker and owner of SignatureProperties, a prestigious real estate sales and management firm in Arroyo Grande, CA.  You may contact her at Nancy@NancyPuder.com or (805)710-2415