You Ask, We Answer: What Is My Home Worth?
By now, you’ve no doubt heard about how hot the Connecticut real estate market is, and after driving past “For Sale” and “Sold” signs dotting front lawns all over the state, you may be wondering what your home could sell for. If you’re curious as to how Realtors determine the value of your home, we’re here to walk you through what to expect from your Calcagni Real Estate agent when it comes to pricing your home. Whether you’re just curious about its listing price or ready to actually list your home for sale, we’re ready to help break down how it’s done.
What’s a Comparative Market Analysis?
When a Calcagni Real Estate agent needs to know how to price your house, they will perform a Comparative Market Analysis—or CMA—to help determine its value.
“A Comparative Market Analysis is an equity analysis of the value of a home, taking into consideration the area, the square footage, the number of bedrooms and bathrooms,” shares Bev Welch, Realtor at Calcagni Real Estate.
The neighborhood where your home is located, the school district it’s in, and the size of your home and your property will come into play. “The CMA will also take into consideration how the town assesses the property,” adds Calcagni Realtor Stacy DeAngelis. “It will also include the style and condition of the home.”
Taking into account all of these factors, your Realtor will then pull “comps”—comparable properties that have recently sold that are similar to your house. Similarity is important, as is the timing of the sold properties. “Recent” sales are key, as markets can change quickly. Your Realtor will pull the final sales price—not the listing price— to determine the most accurate pricing of your home.
When should a I get a CMA on my home?
Whether you’re considering listing your house for sale or are just curious about the current market conditions, asking a Calcagni Real Estate agent to do a CMA on your home is a great way to get a feel for the listing price of your home at any time. Because Calcagni agents live in the towns where they work, they know local market conditions and understand how to price homes fairly at any given time.
While you may see offers online for real estate websites that will pull comps for you (for a fee, of course!), working with a Calcagni agent will allow you access to the most accurate information—especially since many of those websites don’t pull updated information from the MLS, or Multiple Listing Service, that our agents use.
I had a CMA done a while ago. Do I need another?
Because the price of your home is determined not only by its own details but by the recently sold (similar) homes around it, if you haven’t had a CMA done in a while and want to list your home, you’ll need to have another CMA completed. This will give you the most accurate picture of the suggested listing price and current market conditions in which your home will be listed.
If you’re considering having a CMA done, contact your local Calcagni Real Estate office today. We can’t wait to help you discover the price of your Connecticut home!