What is my property worth?

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Setting the correct sales price is critical to the home selling process

There are online tools which will give you an approximate value, but they normally are not the best representation of a home’s true value and have a large margin of error. Values generated by automated home appraisal systems are based on automated computer models from public records which will not take into account the market trends, the condition of the property or simple things like the orientation or views.

How do I get a more accurate estimate of the value of my property?

For the most accurate estimate, get a Real Estate Agency to do a free Comparative Market Analysis (CMA). This report is personally prepared to give you a clear understanding of competitor properties, market trends, and recent sales in your area.

What is a Comparative Market Analysis (CMA)?

An ACM is a free report personally prepared by one of our expert real estate agents in your area that compares your home to similar properties in your neighborhood that are currently for sale or have recently sold. By taking into account certain aspects of a home that can affect its value and marketability, including market conditions, location and amenities, and the home’s overall condition, our agents can help you determine the market value of your home.

How to perform a comparative housing market analysis?

The most important thing is to establish which variables we must take into account when preparing this report and, of course, to know how to interpret them.

Some of the indicators are common to all properties: square meters, location, condition of the property, age, views etc. Other fundamental aspects are whether the building has an elevator or not, what floor the property is on, its orientation, as well as whether it is in a residential area or not, or the services available: swimming pool, gym, parks, sports courts, etc.

It is also essential to analyse an updated record of properties sold in the same area, with the same characteristics, and see the real closing values, what was the value for which the property was finally sold. Note! Here we are not analysing the prices that appear on real estate portals, but rather the final sale prices. Keep in mind that in many cases the prices on real estate portals are the prices which the property is put up for sale, but not its final sales price.

What if the result of the comparative analysis of homes is not what I expected?

These are the three possible actions you can take if you do not agree with the assessment.

On many occasions, instead of adapting to reality, we want reality to adapt to us. Properties have a price that, whether we like it or not, is set by the market and we cannot change it. But we can choose not to sell at that time.

Understand the value of the property and analyze what it is being sold for, and analyze whether with this price we can meet the objectives we had set for the sale.

Listing a property that is not worth the price so that it does not sell and “burning” it on the market. If the property is not worth the price, it will not sell. You can choose to put it up for sale, but you will “burn” the property since it will appear among your potential audience and they will be aware of how long it has been on the market without selling.

However, an ACM or a good valuation of the property is not everything. It is very important that in order to properly market a well-valued property we carry out a series of actions such as a good marketing plan and positioning of the property. To do this, do not hesitate, and trust the REMAX Beach Homes professionals. We will sell your house at the best price and in the shortest time possible!