Thursday, November 13, 2014

Determining the Market Value of a Home

At RE/MAX Lakes Area Realty, we are in the business of helping people buy and sell their home. In order to help you with the decision to sell, we’ve come up with a series of five articles…useful tips that will help you be prepared when selling your home. Check back here often for the next article in the series, and be sure to subscribe to our blog by email at the top right of this page.

Article Three of Five:

You've decided to sell your home, so what’s next? Pricing your home is obviously a key part of the home selling process. A home that is under-priced needlessly costs the client potential return. An over-priced home can remain on the market for an extended amount of time, forcing the seller to either wait out a long listing period or have to adjust down the asking price. Getting the pricing right from the start avoids these potential pitfalls.

To get you started our agents prepare for you what is called a Comparative Market Analysis (CMA) of your house. This compares your home to others in the area that are either currently listed, under contract, or have recently sold. Other things that can factor into the CMA are supply and demand, craftsmanship, and the amenities of your home.

The CMA will help us to determine the fair market value. What is "fair market value", you may ask? In short, fair market value is the highest price that an informed buyer will pay for your home. Establishing fair market value will enable us to sit down and discuss in detail the pricing of your home. We want to help you settle on a price that you feel is competitive and consistent with the current market.

We understand that all of this can be a bit overwhelming, so feel free to call 218-963-9554 or send us an e-mail at and we’ll put you in touch with one of our real estate agents. You might also explore our website at as it has a lot of information to cover your real estate needs. We’re here not only to sell your home, but also to serve as a resource for you during this exciting time!

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