West Knoxville Sellers – The Importance Of A Comparative Market Analysis
Selling your West Knoxville home isn’t always easy. Perhaps, you’ve grown out of your home, are looking to downsize, or are moving out of the area for job related reasons. Whatever the reason, when you finally meet with a West Knoxville Realtor, one of the first (and most important) decisions you will have to make is setting the price on your home. As a seller, having many memories and emotional attachment to the home, it can sometimes be hard to not let emotion get in the way when setting a price. Luckily, your agent will prepare a Competitive Market Analysis (CMA), to help advise you on what homes are selling for in your area. So, what exactly is a CMA? And, what does it mean for your West Knoxville home?
A CMA takes into account of all the aspects of the home, including the number of bedrooms and bathrooms, total square footage, the age of the home, and other desirable amenities (pools, fireplaces, new appliances, etc.). Your Realtor will then look at other homes int he area that have recently sold in your area and how they compare to your home. Your agent will make adjustments based on what upgrades your home has or what things it is lacking.
Just keep in mind, not all amenities add value to your home. Just because you put $10,000 worth of repairs, doesn’t mean you’ll get all of that money back when you sell. Depending on the area, the CMA on your home may only cover one or two streets around your home or it may cover your entire neighborhood.
The purpose of the CMA is to get you the highest price possible that will still make your home competitive in the current market, so the only way to do that is by compare it to other homes in the area that sold. The value of your home is driven by what buyers are willing to pay.
A West Knoxville Realtor will have experience in knowing what homes sell for in your area. They will know what aspects help a home sell and what buyers are looking for. With their help, they will be able to help you set a price that will get you the most money, but will also attract buyers.
Are you thinking about selling your West Knoxville home this year? Please let us know if there is anything Knoxville Home Team can do for you. Give us a call today for a free home valuation. You can give Rick at call at 865-696-9002 or via email at Rick@KnoxvilleHomeTeam.Com. You can give Kati a call at 865-392-5880 or via email at Kati@KnoxvilleHomeTeam.Com.