Typically your home is worth what a qualified buyer will pay for it. To determine that number, the “Sales Comparison Approach” to value is used by all loan appraisers and real estate agents.
This approach is based on the premise a prudent person will pay no more for a property than it would cost to purchase a comparable substitute.
To form an opinion of value, the appraiser analyzes current listings and sales prices of similar homes in your area. They mainly consider properties that have recently sold within 3-6 months, in addition, currently for sale or that are currently under contract.
Although none of these properties are identical to yours, only those that have a high degree of similarity are typically used in an appraisal report.
Comparative Market Analysis (CMA)
To summarize the process, the CMA illustrates the sold history of similar homes, those that are under contract and properties currently on the market. By comparing these numbers, the value or range of value for your home becomes relatively clear. The final projected sales price should be determined after careful consideration on these current market conditions.
My industry experience and attention to detail on preparing homes and reviewing this data gives you the power to sell for top market value.
Call me today to schedule my NO OBLIGATION review of how I will get your home sold for top market value or you can fill out my quick “Seller Questionnaire“