When selling your home you need a Realtor who can give you clear data on the right price that your home should be listed and sell for. This document will explain what has sold, what is under contract, and what is currently available to buyers who would be looking at homes similar to yours.
Real Estate Agent's often call this document a CMA. This stands for Comparable Market Analysis. I like to call it a real estate agent estimated appraisal. You have to understand many times this is done in a preliminary stage so the agent may not fully know the upgrades included in your home. However, this will get you in the right ball park.
Here is an example of a Comparable Market Analysis.
[Please ask for example to be sent to you]
When you look at the data the houses in the different categories mean different things:
* Active: This is the competition. Ideally, you must be a better price and in better condition. This will allow this group of houses help sell your home.
* Pending: We do not know what the final sales price will be but we do know how long on average it takes a buyer and seller to agree to a contract at this price.
* Sold: This is used to accurately indicate the market value of a property. In an ideal world, a very similar house in similar condition will sell for this amount. This is the most important category.
* Expired: This represents what is too expensive. Often, a seller may be less motivated or unable to sell for a lesser amount and are willing to have their home not sell instead of reducing the price.
In addition to this document, a real estate agent should provide a Net Seller Estimate sheet. This will provide an estimate of what the house most likely will sell at, typical closing costs and expenses included. This sheet will factor in commissions, loan payoffs, etc.
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