An Important Decision
Determining a listing price, or the fair market value of your home, is one of the most difficult decisions home sellers face. If you price too high, you’ll put off potential buyers and their Brokers. If you’re priced too low, you’ll risk losing some of your hard-earned equity. There exist two tools to calculate a competitive and accurate market price: the comparative market analysis (CMA) and a certified appraisal report.
Comparative Market Analysis
The comparative market analysis (CMA) compares the list price and final sale price of like properties in the neighborhood and based on that information offers an informal estimate of your home’s value. A Realtor® can provide you with a CMA, help you analyze the data and factor in any other features or improvements specific to your home that will affect the list price, including its amenities, proximity to parks, transportation, shopping, and school quality. Your Realtor® will also be able to inform you of the typical amount of time that listings stay on the market.
|
Timber Frame House with Custom Rough Hewn Siding Alto, New Mexico
|
Certified Appraisal Report
A certified appraiser’s evaluation of your property is a formal estimate of the property’s value. Lenders require that buyers obtain a satisfactory certified appraisal as part of the lending process. A certified appraiser will base the estimate on a number of factors similar to those factored into the CMA, including comparable sales data, location, condition, and any amenities, such as a pool or view which may enhance or detract from the value of your property.
If you haven’t already, please consider hiring a professional Realtor®. Only an expert can help you wade through and analyze the litany of variables that will factor into the best and most competitive list price for your home. BuyRuidoso.com LLC would be happy to assist you in any we can including, if for any reason you are disinterested in our brokerage services, finding another Ruidoso area Realtor® with whom you’d prefer to work. |
