Here’s how to find out how much it’s worth
For most people, finding out how much their home is worth is the first key step in determining whether they should attempt to sell. Naturally, you want to find out whether you can make a profit by selling your home before you go to the trouble of preparing it for prospective buyers.
The single best way to find out how much your home is worth is to talk to a real estate agent who can perform a comparative market analysis for you. The comparative market analysis, or CMA, gives you an inside look at how much buyers would most likely be willing to pay for your home if it were on the market today.
Find out how much your home is worth now!
What Does a REALTOR® Do to Determine a Home’s Value?
Real estate agents don’t guess at home values. In fact, they perform several calculations to determine how much a home is worth.
First, your real estate agent will pull a significant amount of data from several sources. Some of the data your agent will be most interested in involves homes in the same area that have recently sold, homes that were on the market but never sold, and homes that are currently on the market today. When your agent pulls these sets of data, they’re only interested in homes that are very similar to yours (and as previously mentioned, are in the same area). That’s because evaluating similar, nearby homes is the only way to tell what local buyers are willing to pay.
For example, if you own a five-bedroom, four-bathroom home that measures about 4,000 square feet, your real estate agent will only look at homes comparable to yours. (As a side note, the homes that real estate agents look at during the comparative market analysis process are called comps because they’re comparable to yours.) It wouldn’t do your agent any good to look at two-bedroom homes across town, because that won’t tell them – or you – anything about what buyers are willing to pay for homes like yours.
What Happens After a REALTOR® Gives You a Price?
After a real estate agent performs a comparative market analysis on your home, they’ll give you a suggested sales price. It’s up to you whether you choose to list your home at that price, but it’s usually a good idea to listen to your agent’s guidance. That’s because your agent has done the research and determined the price at which buyers are most likely to make an offer on your home.
So what if you think your home is worth more than your agent does?
It’s entirely up to you to decide what price you’d like to list your home for. However, you do need to remember that your agent used recent sales data to determine the price they suggested for the sale of your home. If you ask too much, buyers won’t make offers; they’ll save their offers for homes that cost the same amount but feature more amenities or are in different locations.
Are You Buying or Selling a Home in Naples?
Selling your home is a big deal, so you need to work with a REALTOR® who can get it right. We know how to market your home to all the right buyers, regardless of its price point. We’ll help you sell your home quickly and at the best possible price!
If you’re looking for a home for sale in Naples, we’re here to help. We specialize in luxury real estate but not limited to and can show you any listing.
Alexandra Janz
Broker Associate & Luxury Properties Specialist
William Raveis-Florida, LLC
239.315.1079 | www.ajnaplesrealty.com
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