The Comparative Market Analysis, or CMA is the most important document when selling or buying a home. Most consumers understand the CMA is used to sell a home but very few understand the importance of the CMA when buying a home. The bottom line is that New Jersey Real Estate and all real estate for that matter is bought and sold based on a predetermined value. This predetermined value is established by both appraisers and real estate agents based on similar property which has been sold within a 2 mile radius of the home, which possesses similar features. It is important to remember that a CMA does not take into account the original price you bought the home for. Real Estate prices are based on a 6 month value, mortgage companies call a CMA which is done by a licensed individual an appraisal. The value for your home is determined based on the last 6 months of homes which were sold, the location of the home, the size, bedrooms, bathrooms, and comparable properties.
How Much is Your Home Worth?
Should You Ask For More?
How Long Will it Take to Sell?
I will provide the answers to these and many other questions by completing a Comparative Market Analysis (CMA) which takes into account all the variables that may affect the value and marketability of your home.
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Consider comparable properties. What have other homes in your Northern New Jersey neighborhood sold for recently? How do they compare to yours in terms of size, upkeep, and amenities?
Consider competition. How many other houses are for sale in your area? Are you competing against new homes in Northern New Jersey?
Consider your contingencies. Do you have special concerns that would affect the price you would receive? For example, do you want to be able to move in one month, two months or four months?
Get an appraisal. For a few hundred dollars, a qualified appraiser can give you an estimate of your home’s value. You can get a free CMA from FindNJHouse.Com by completing the form below.
Ask a lender. Since most New Jersey home buyers will need a mortgage, it is important that a home’s sale price be in line with a lender’s estimate of its value.
A proper CMA will price a home accurately and take the mystery out of selling or buying your New Jersey Home. Studies show that homes priced more than 3 percent over the correct price take significantly longer to sell.
Know your bottom line. A CMA is critical to know what price you will ultimately be willing to accept for your home before beginning a negotiation with a buyer.
Some Other Factors to Consider
Mortgage Conditions and Outlook
Interest rates and anticipated movement up or down affect the size of your prospect pool.
Proximity to schools, parks, shopping and transit can play a significant role in determining your listing price.
Yes, looks do count. You only have one chance to make a good first impression.
It’s important to note that the CMA process doesn’t end there .I will continue to monitor competitive activity and market conditions until the day your home sells.
You can find out how much your home is worth in today’s market. Just fill out the value my home form below. All of these tools are used by real estate agents to help you value your home and help you to carefully choose the listing price. Appraisers will charge hundreds of dollars for a New Jersey home value estimate, FindNJHouse.Com can provide you current New Jersey market data and value your home for FREE! Just Call 973-489-7916 for immediate assistance.