What is the first thing you think of when selling your home? Price and profit. So next step is to call or walk into your local real estate brokerage (ahem, 512-483-6000, excuse me, sorry about) and sit down with an agent to look into what you could possibly sell your home for! Now this agent would most likely do some research in your neighborhood and the property and compare your house to many others, to see what would be the most reasonable and best price to sell quickly. This process is called Comparative Market Analysis. Let’s delve into this process and why you really need a realtor to help you with this!
The most specific definition is from Investopedia:
Comparative Market Analysis: A comparative market analysis is an examination of the prices at which similar properties in the same area recently sold (Investopedia).
Thank you internet! This is a straightforward process but investment shows really make it seem cut and dry. However, they only show them taking into account the nearby properties and the price people listed them for, not what the properties actually sold for. This process focuses on utilizing the MLS to access sold data on the properties in your area. This can make a huge difference because people can list their homes for whatever they want. You can tell your realtor what you want and they can advise you but ultimately you make the choice (though I would trust them!). I can tell you many stories of clients insisting they know best and their house sits for too long. Don’t be those clients, but take time to research and see what is realistic (refer to my article on choosing a listing agent).
If you are truly looking for what someone would pay for your house, you will want to access the statistics on sold property. And only a realtor can access these records in their MLS. And your house will not be like anyone else’s. Your realtor can account for those differences, once they have viewed the property. Using a realtor will give you the most accurate data and they can truly help guide you in the right direction.
Good luck with listing your home! And contact us is you need help with that! 512-483-6000.