Knowing how much your home is worth should you decide to sell it is extremely important. It’s always a good idea to get an appraisal so you don’t ask too much or too little. Your realtor can help guide you if you are unsure about what steps you should take to find out, and will provide you with all the necessary documents and paperwork to begin the process. As Dean Graziosi explains, “When you find a realtor to list your home, you will be given a document called the comparative market analysis, or the CMA. Here you are being shown what
your competition will be in the market.
Think back to when you purchased your home. You were informed of how much other properties in the area sold for and when they were purchased. You need to know how yours compares before ever putting it on the market.
When determining an asking price, you’ll need to consider other properties currently on the market as well as those that were recently sold. The document you are given will provide you with this information. This is what will help you figure out the right asking price.
Prospective buyers will then use the information found in this same document to make a counter offer. They’ll see how much your home is worth in comparison to those around it. This gives you and them a realistic look at the neighborhood where real estate is concerned.
Prospective buyers will have the opportunity to look at relevant information about your home. This information includes: your home’s square footage, the number of bedrooms and bathrooms it has, and exactly when it was built.
You’ll benefit greatly from the information your realtor will provide. As Dean Graziosi points out, “Knowing what your home is worth and where you stand within the current market will give you an idea of what you may
be likely to make from the sale of your house.“
Once you are equipped with the right information, you will be able to make necessary decisions. You can then determine just when you should sell your home, whether or not you’ll need to make any repairs first, and how much you’ll be able to pay for your new home. Should you find it isn’t the right time to sell, you will be able to re-evaluate the situation at a later time and make a decision then.
If you’ve made improvements to your house over the years, the amount your home is worth should have increased since you bought it. Many people will make improvements such as adding a pool or media room in order to get more out of their homes than what they paid. See Dean Graziosi’s blog for more information on this and other topics.