Thinking about Selling Real Estate in Wisconsin Rapids or Central Wisconsin?
Before putting your home on the market, you should have an accurate idea of its value. Realtors in Wisconsin Rapids often conduct a comparative market analysis to determine a home's value, which helps sellers choose a competitive but reasonable price. Sellers can choose to price their home however they see fit, but it helps to know the listed prices of similar homes in the area that will be competing for buyers attention.
Many Realtors in Central Wisconsin will perform a comparative market analysis for free to earn a client's trust. Real estate agencies vary in their approach to free comparative market analyses, with some providing a short list of similarly priced homes, and others offering a full description of similar homes and explanations as to why specific prices were chosen. Most comparative market analyses include a fairly standard compilation of information, which includes the following:
Active listings of nearby homes
These are the homes currently for sale in a client's area and the asking prices of those homes. This does not necessarily indicate the worth of those homes, but it does give the client an idea of what his or her neighbors are asking for their houses.
This shows the client how much people are actually paying for homes in the area, which can be indicative of the mind of a home buyer. Sold, similar homes are often the best indicators of the actual market value of the client's home.
When a home is under contract but the sale has not yet been completed, the property is listed as "Active With Offer". This is because the price cannot be published until the sale has closed. Pending listings, like sold listings, can give a better estimate of a home's market value than active listings in the area.
Houses of similar square footage
Most helpful to a seller is the information regarding homes of similar size, as this is one of the first things which buyers look at.
Houses of similar age
If two houses are the same size, but the first is 20 years older, it may sell for less than the second house, depending on the other amenities and whether or not updates have been done.
Houses in similar locations
This does not necessarily mean the closest homes, but rather homes that are proximal to similar stores and attractions.
For more information about getting a Comparative Market Analysis (CMA) in the Wisconsin Rapids or Central Wisconsin area, call Coldwell Banker Siewert Realtors today.