Proverbs 24:3-4
By Wisdom a house is built, and through understanding it is established; through knowledge its rooms are filled with rare and beautiful treasures.
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What Is Your Home Worth?
When you are interviewing REALTORS® to market your home, you'll be introduced right away to a priceless document—the comparative market analysis(CMA.) This is one of the areas in which the real estate industry really earns its keep—by showing you in black and white what your competition is. But like a sword, it is a tool that can cut both ways. You and your agent will use the CMA, among other tools, to determine where your home will stand in comparison to others which are on the market, and those which have recently sold to determine the highest possible asking price. Your buyer will use it to find ways to reduce his or her offer.
Some factors that will be considered in a CMA are:
•Comparable properties that have recently sold (3-6 Months)
•Properties that are currently listed in the Multiple Listing Service (MLS)
•How long similar properties have been on the market
•Property listings that have expired or have not sold
•Location (such as corner lot, school district, street traffic, proximity to hi-ways etc.)
Other methods may be used by your broker depending on the type of subject property and/or the needs of the client.
Simply put, a CMA is your broker's attempt to establish an opinion of value in order to sell your property for the most money possible, or in the case of a buyer’s agent, to determine if your offer is not above their opinion of value.
Lets take a more in depth look at a CMA.
Standard comparative market analysis reports contain the followig:
• Active Listings
Active listings are homes currently for sale. These listings matter only to the extent that they are your competition for buyers. They are not indicative of market value because sellers can ask whatever they want for their home. It doesn't mean any of the prices are realistic. The offered sales prices do not reflect market value until they sell, and in buyer's markets, for example, most sell for a lot less.
• Pending Listings
Pending sale homes are formerly active listings that are under contract. They have not yet closed, so they are not yet a comparable sale. Unless the listing agent is willing to share information about the pending sale -- and many are not -- you will not know the actual sold price until the transaction closes. However, pending sales do indicate the direction the market is moving. If your home is priced above the list price of these pending sales, you could face longer DOM.
• Sold Listings
Homes that have closed within the past six months are your comparable sales. These are the sales an appraiser will use when appraising your home for the buyer, along with the pending sales (which will likely have closed by the time your home is sold). Look long and hard at the comparable sales because those are your market value.
Examining Comparable Sales
Comparable sales are those that most closely resemble your home. It is difficult to compare a tri-level home to a single-story home. Select the homes from this list that are mostly identical to your home in size, shape and condition, such as:
•Similar square footage
Larger square-foot homes are worth less per square foot than smaller square-foot homes. The variance among a group of median-priced homes ideally should not exceed more than 200 to 400 square feet, plus or minus.
• Similar age of construction Ideally
The age of the home -- the year it was built -- should be within a few years of other comparable sold homes.
Mixed-age subdivisions are common.
• Similar amenities
Upgrades and condition - A home with a swimming pool will have a different value than a home without a pool. A completely remodeled home is worth more than a fixer. Homes with one bath are worth less than homes with two or more baths. Deferred maintenance will count against you.
• Location
Everybody knows that real estate is valued on "location, location, location," but have you considered what that means? A home with a view of the city, for example, is worth more than a home facing a cement wall. Homes located on busy thoroughfares are worth considerably less than homes on quiet streets. Compare your home to those in similar locations. If your home sits across the street from a power plant, look for other homes with power plant exposure or those located along railroad tracks, among other undesirable locations.
Kurt Varela is the Owner & Broker of Lincoln Realty Group.
•Bachelor of Arts Degree / Public Relations University of Texas at San Antonio
•Licensed Real Estate Broker in the state of Texas
•Seasoned professional with over 12 years of experience in Real Estate and Sales Management
•National Association of
Kurt Varela is the Owner & Broker of Lincoln Realty Group.
•Bachelor of Arts Degree / Public Relations University of Texas at San Antonio
•Licensed Real Estate Broker in the state of Texas
•Seasoned professional with over 12 years of experience in Real Estate and Sales Management
•National Association of Realtors, Affiliate Member
•Texas Association of Realtors, Affiliate Member
•San Antonio Board of Realtors, Affiliate Member
•Corpus Christi (Port Aransas) Active MLS
Kurt, from San Antonio TX grew up learning hard work, integrity, and determination - he now uses these values to help others achieve their real estate goals.
Kurt has worked in the real estate industry for over 17 years. His experience started while working for an 80-million-dollar luxury real estate development on the San Antonio River Walk.
To serve our clients and community with the upmost integrity and respect.
TESTIMONIALS
When I decided to begin my search for a home, I knew that Kurt would be the one to have on my side. I knew that he would be professional and support me in my best interests. He is an easy-going guy that knows how to stand up to the pressure during the
To serve our clients and community with the upmost integrity and respect.
TESTIMONIALS
When I decided to begin my search for a home, I knew that Kurt would be the one to have on my side. I knew that he would be professional and support me in my best interests. He is an easy-going guy that knows how to stand up to the pressure during the home-buying process. He was knowledgeable about it all, and used his savvy skills to close the deal in my favor. I will turn to Kurt for my next home
--Karri L.
We have been dealing with Kurt since 2013. He has been leasing my property and taking care that everything runs smoothly. We have found Kurt to be very responsive, he answers calls and texts immediately. He gets quick results and the three tenants he has found have been really super. I would highly recommend Kurt whether you are renting, selling or purchasing a property. He is honest, and is extremely reasonable
Kim and Joseph M. – March 2017
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Kurt was friendly and respectful, responded in a timely manner, and made sure that I had all the information I needed to make a well-informed decision.
Heather V.
We work closely with our clients to provide an exellent experience in the selling and purchasing of real estate.
Ask us about the new "Grant Money" incentive available for home buyers. This grant money can be utilized for down payment & closing costs on home purchses!
Military Veterans - This Texas Grant works for military veterans as well. The Grant can cover all closing costs for our military veterans. No closing costs!
Let us negotiate on your behalf.
It's is a sellers market and a wonderful time to sell your home. We'll provide a free market analysis on your home to show what your home may sell for in the open market.
We love our customers, so feel free to contact us during normal business hours to make an appointment.
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