A comparative market analysis is a snapshot of the recent sales prices for similar homes in your neighborhood. It's the most reliable indication of what your home is worth and offers a benchmark for comparison. The process begins with gathering all of the relevant information and then conducting a comparative analysis to determine a fair market value for your home by comparing it with other homes recently sold in your area. The report will include:

- Recent sales prices.
- Average Days on the market (DOM).
- Details about sold properties and active listings.

The most important elements of a CMA report are the average days on the market and the list price to sale price ratio. The DOM indicates how quickly homes in your area are selling and what buyers may be willing to pay for any given property. The list-to-sale ratio indicates how much confidence sellers have at their asking prices and what homes are selling for.

The CMA report also includes a market analysis, which assesses where your property falls in the local real estate market based on various factors such as location and features. Once the report is complete, you can use it to determine a listing price based on other comparable properties in the neighborhood. This decision may be helpful when choosing how much time and effort to spend on staging or improving your property before selling. A CMA is not a binding offer to buy or sell, but it can help you decide about the asking price and give potential buyers a sense of whether they are making too low of an offer - or if their offer might be overpriced. The subject property must have at least three comparable homes for the agent or broker to work with, including homes sold within a six-month window.

The value of a home is the amount for which it would likely sell on today's market. This number can be determined by analyzing recent sales in your area or using home valuation guidelines to determine what you could expect from selling your property.

Getting an accurate estimated value of your home can help you decide when to sell, how much of a profit margin to expect at closing time, and whether or not now's the right time for repairs. Understanding these factors will likely make it easier for you to plan and make the most informed decisions when selling your major financial asset.

Home equity is the difference between what you owe on your home and how much it's worth. For example, if you owe $150,000 on a $200,000 home, you have an equity of 25%.

Location is the most significant factor that will affect your home’s value. Other important factors include comps, lot size, square footage, age of the property, upgrades or improvements you may have made to it over time, and any special features such as having a pool or open floor plan.

Home prices can fluctuate with the market, and many factors can affect the value of your home. Of course, the hope is always for it to appreciate, but no one knows what will happen with these values over time.

If you want to sell your house, one of the first things to consider is making it attractive and comfortable for potential buyers. You can do this in many ways, from simple repairs such as painting or gardening to more complex renovations like replacing flooring in the living room with hardwood floors.

It’s time to connect with a top real estate agent who will analyze the market and help you choose a pricing strategy. Your Binary Realty advisor will also help you with an extraordinary marketing plan to capture the maximum exposure for your home.