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How Much is the Property Worth?

Before a person can do any business of either buying or selling a home, one should be able to assess how much it will likely sell in the market.

Usually, the buyer should be concerned about how much a seller is willing to accept the price that is being offered on the purchase of the property, considering all other factors.

A consumer seeking the help of a real estate agent is often given a market evaluation to review.

The CMA or what we call the Comparative Market Analysis is about looking at the properties that are currently on the market or have been sold in the last few months (usually three to six months on average) or depending on the market area.

Both the buyer and the seller need to understand this aspect, in order to have a better idea how much a given market will likely respond to the property price. How high could a seller reasonably put the price on the subject home? How long will it take to sell the home given the price aspect?

On the other hand, a buyer looking into purchasing the home in a particular market should know whether a particular property is being sold at the right price. A buyer would have a better picture through the comparative market analysis or CMA that has been prepared by the real estate agent.

With this, you could be comfortable whether you'd like to give it a go or not.

There may be other factors affecting the purchase and sale of a home. Some are dependent on the personal circumstance of the party concerned.

There are sellers who may need to adjust the price because they may have found a place in which they can move as a new homeowner.

Others simply need to lower the price for personal reasons and they would like to have immediate access to the home equity (instead of doing some changes in their mortgage like refinancing or applying for a secured line of credit).

Copyright 2010 All Rights Reserved by Sheila Atienza