What's My Home Worth?
Contact us for a Comparative Market Analysis of your home!
In general, your home is worth what a qualified buyer is willing to pay for it. A numerical value can be determined using the "Market Approach", which is based on the reasonable premise that a prudent buyer will pay no more for a property than it would cost to purchase a comparable substitute.
To form an estimate of value, we analyze current listing and sale prices of simliar homes in your area, considering properties that have recently been sold, are currently for sale or were unsuccessfully offered for sale. Although no property is quite identical to yours, those that have a high degree of similarity are noted in a report.
Comparative Market Analysis (CMA)
The CMA illustrates the sale history of similar homes, those that failed to sell, and properties currently on the market. By comparing these numbers, the value or range of values for your home can be determined. The final projected sales price should be determined after careful consideration of these current market conditions.
How to Avoid Home Appraisal Problems
Real estate appraisers in Massachusetts are required to be licensed. They are trained in Uniform Standards and must adhere to a strict Code of Ethics.
When an appraiser who comes to evaluate your home is required to report on particular deficiencies in your property. These deficiencies can be easily detected by homeowners and corrected prior to the appraiser's arrival.
The following is a list of the most commonly found deficiencies in a home that you should try to take care of before the appraiser arrives. For more information, contact us today.
- Peeling paint of improvements anywhere on premises-lead base precaution (mandatory on pre-1978 construction)
- Broken/cracked glass
- Missing/loose safety handrails on stairways or loose/damaged/missing safety railing on decks or retainer walls over 30" high.
- No vents to crawlspace or attic: no or inadequate access to these areas. (Have them readily accessible for appraiser).
- No vent fan/or window in bathroom. (Usually found in additions or basements).
- Iron security windows grates that do not swing-out for emergency exit.
- Marginal safety appearance of electrical/plumbing/heating.
- Debris-such as broken glass, garbage, old paint, oil, anti-freeze, batteries, cans, piled brush, etc. (usually found in crawlspaces, yard areas, behind garage, or on back 40!)
- Major electrical power lines too close to dwelling/garage.
- Loose/damaged floor covering and walks or driveways (Upheaval/settlement) that could cause injury by falling. (Local building codes preside, however, over 2" is likely dangerous).
Deterioration of Improvements
- Paint/stain peeling to bare surface
- Missing or damaged gutters or down spouts where drainage is marginally away from improvements
- Leaking plumbing or bath/shower tiles missing or damaged
- Holes against foundation that may allow water penetration (usually from pets)
- Landscape drainage toward the improvements
- Missing/damaged/curling roof shingles or covering
- Free standing water or dampness is frequently evidence of poor drainage, leaking water pipes, or high water tables (seasonally)- May need electric sump pump
- Structural damage from any cause-usually expansive soils, poor drainage, or the combination.
The existence of any of the above items may cause an appraisal requirement which, creates more expense and time delays. Solving these problems in advance will save both time and money plus enhance your property value. Additionally, many of these deficiencies are either safety hazards or problems that could cause further damage to the home and should be fixed anyways.
For Sale By Owner
Are You A For Sale by Owner?
If so, you are indeed a brave soul. Surely, by now you realize your endeavor to sell your own home was not just taking on one job but a whole heap of them! You have been (or will soon be) a handyman, inspector, price analyst, copy writer, marketer, staging professional, receptionist, host/hostess, sales person, mortgage consultant and bookkeeper all in one!
For Sale By Owners certainly deserve credit for giving it a good try, but if you didn't succeed, you can still pat yourself on the back because you are not alone. Statistics show For Sale By Owner sales are dropping, despite ever-expanding access to internet listings, classified ads, etc. For help during this process or questions about the home selling process, please contact us.
Hiring a Realtor saves both time and money
According to the 2003 National Association of Realtors' “Profile of Home Buyers and Sellers”, accross the U.S., the typical FSBO home sold for $145,000, compared to an average $175,000 for a salesperson-assisted sale. This means even if a FSBO pays a 6% commission, they will realize $164,500.
Who are you letting in your home?
These days, life is full of all-too-easy conveniences with them comes a new set of worries. As Realtors, we always confirm the identity of who we are working with. If they don‘t share with me, we don‘t work with them. Period. Many FSBOs don‘t think of these issues when they open their door to any stranger who calls them claiming interest in buying their home. Though it's true that not all home shoppers are folks to be wary of, but then how can one tell who is and who isn't?
Filtering out the dreamers and time wasters
Buyers are not always buyers; sometimes they are wishfully thinking without any consideration for you or your time. FSBO's are easy prey for these Wishful Thinkers, because they don't ask the right questions. As a professional, we don't put people in our cars (nor do most other good Realtors) until they have proven themselves to be qualified, ready, willing and able to purchase a home. Even then, we would only show them homes that we think they would realistically consider.
It takes a whole company to do this job...
As any experienced FSBO will attest, it's not an easy job to sell your own home. After keeping accurate track of the time (away from doing the things you want to do) and the amount of money it takes to get the home ready to market it, plus taking into account any false starts and anxious days on end waiting for a decision, an FSBO would be better off delegating the job to those who do it full time. Putting your home into “the system” is cost effective and safer.
Knowing the value of your home is always important, but significantly more so when you decide to sell. A good estimate can often be made by looking at the recent sale of similar homes in nearby areas.
There are free services on the internet (Zillow) that provide sold prices, but these values will only give a very rough figure for the value of your home.
Home values always take in to consideration both the past and present market. Additionally, your neighborhood may either augment or diminish the value of your home. So if the house next door is exactly like yours its reasonable to expect your value is similar. Likewise, two identical homes on opposite ends of town may differ greatly in value.
If you are thinking of selling your home soon or in the near future, contact us by filling out the form! We will provide a Comparative Market Analysis and let you know what to expect out of your property.
Sell Your Boston Area Property
We can help you every step of the way; whether it be advertising your property, assistance in preparing your home for showings or to make sure things go smoothly during closing. No one takes greater pride in the sale of your property than us.
Please take a moment and tell us briefly about the property in which you wish to sell. We will respond to you promptly with a comparative market analysis and various ways in which we can assist you.