Mastiff Home Buyers is always here to help sellers to be informed about the value of their home because we are here to help find the best solution for you. If you are not working with a real estate agent, we can provide you with the details of our comparative market analysis, known as a CMA. We invite you to reach out to us about making you an offer on your house whenever you are considering selling, with zero obligation! We will provide you with a housing report about the value of your house before we make you an offer.
Understanding CMAs
If you are listing with a real estate agent or for sale by owner, the highest listing price isn’t always the best listing price! The number one reason houses don’t sell in the market is that the asking price is too high. Longer listing periods may indicate to a buyer that something is wrong. If you still want to list at a higher than recommended price, talk to us about your situation and we might be able to work out a deal at the higher price.
An essential aspect of CMAs is that the properties compared are those which most closely match your listing in Kansas City . Let’s begin by digging into what makes another property contain the right data to be comparable for use in your housing report.
How They Work
What was the sale date? Quite simply, the more recent the sale date, the better. Numbers on sales from even a few months ago could skew your results, especially when the market is changing at a quick pace.
How closely is the property under consideration located? Naturally, the ability to analyze comps in your neighborhood is the ideal situation but for most of us, this isn’t going to be the case. The next best comps will be found in the areas in Kansas City surrounding you.
Why was each of the comparables chosen for your housing report? A deciding factor in the selection of comps is how closely the property matches yours in size, rooms, and amenities. Missing the mark in this process can seriously alter the outcome of your CMA.
Unless you live in a neighborhood where you can’t tell the houses apart, exact comps are very rare. This data is calculated by the current value of each to the overall price point of a home.
How are the comp variable values determined? Considering how rarely duplicate properties are available for comps, it’s important to understand how the values assigned to the differences between the two.
Does the property being considered have a two-car garage, while yours has only a one-car garage? In this event, the difference in value would need to be subtracted. What if there is one bedroom less in the comp property than your home? The value for the additional bedroom would need to be added in order to figure the market value in Kansas City .
The square footage is only considered at the end of the process, as this number doesn’t truly express the value of what structures and additional amenities are actually found within the given area.
Once all of the differences are added or subtracted from the bottom line, then this figure is divided by the actual square footage, which determines the value per square foot for your home in Kansas City .
Putting It All Together
Averaging the square foot price from all three, or more, of the properties being used for comparison, gives us the number which is multiplied by the square footage in your home, to determine what your house is worth in Kansas City . We will offer you a housing report that you can use to consider your options for selling.
Equity builds up in a home over time and as real estate professionals, we don’t want to see you lose out on any of your hard-earned dollars. Just as our professionals have built the credibility you can depend on over time in Kansas City , through education and experience.
If you are considering selling on your own, don’t go it on your own only to find out after the fact that a very similar house in your area sold for much more. You also don’t want to overprice your house so you don’t get buyer interest. You can use your housing report to decide what you should ask for your home.
Just as it would be painful for you to learn subsequently that you’ve overpaid, most especially when making what may very well be the largest investment of your life. Why take the risk of making a mistake that could literally cost you thousands in the long run?