How much is your Richmond home worth?
If you are planning to sell your home, you will be interested to know how much your home is worth in today's market. A fairly good indication on your home value can be established using a comparative market analysis - referred by Realtors as a CMA. The report can be obtained free of charge from most Realtors. The report gives you a price range on how much your home is worth.Like to compare home prices? Find out what other home sellers are asking?
A Realtor together with the seller use a CMA to figure out how much to price the home. Equaly important is "How do you sell your home fast?"
What is a Comparative Market Analysis?
A CMA report may vary from a 10 or more pages of real estate sales and listing information. The 2 most important data are:
1) Active Listings
Active listings are homes currently for sale. Only comparable properties are used as comparison as these homes are competing for the same buyers for your home. The prices of these homes vary widely, and they are not indicative of market value as sellers can set whatever prices they want for their homes. Most homes when sold are found to be lower in prices than their listing prices. In a buyer's market, homes may be selling for a lot less.
2) Sold Listings
Homes that have closed within the past 60 days are more relevant for comparison on what value you can expect for your home. These are also the sales data an appraiser uses when appraising a home. The real market value for your home is what a buyer is willing to pay to buy your home. In a market where your home is exposed to all the Realtors who are working with their buyers, the final market value for your home is one you and the buyer can agree on doing a deal.
City value as a guide to market value
This is a good source of inforamtion to gauge the general market and how market price compared with a home's city assessment value. Presently, homes in Richmond are selling at around their city values. The average selling price for older homes are found to be selling about 5% to 7% below the average city value.
Why some Richmond homes sell quickly while others languish? Worst yet, why some of the Richmond homes for sale don’t sell at all? Home selling system - sell at market value...
These are the frequently asked questions by home sellers contemplating the sale of their homes. For more information on Richmond's sales data on market price and city value, you can view my reports below:
Selling your home in 30 days or less?
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