Sellers
Sellers FAQ
  1. WHAT IS THE DIFFERENCE BETWEEN AN APPRAISAL AND A CMA?
    An appraisal is performed by a certified appraiser who uses comparable homes in the area, condition of the property, etc. to determine an official value. An appraisal usually ranges in cost between $250 and $400
    A Comparable Market Analysis (CMA) is usually done by a Real Estate Agent and uses many of the same factors (comparable properties, condition, etc.) to determine an estimated value. A CMA is almost always performed free of charge.
  2. HOW ARE ASSESED VALUES DETERMINED?
    The assessed value of a home is estimated by the city to determine your property taxes. Assessed value has no bearing on the market value or sales price of a property. There are 3 methods of how an assessed value is determined.
    Market Approach:
    Market sales of similar properties that sold in the year prior to January 1 are analyzed, compared and adjusted to forecast what the property would sell for on January. Most residential property is valued by the market approach.
    Income Approach:
    The income approach is applicable to real estate that is normally bought and sold on the basis of its income-producing capacity. The approach requires significant data such as rents, occupancy rates, operating expenses, and investor requirements. The approach is most useful in valuing investment property where sufficient market sales are not available.
    Cost Approach:
    The cost approach involves an estimate of the current reproduction or replacement cost of the building, deducting an estimate of depreciation (or loss of value from any cause) and then adding an estimated value of land. The cost approach is most applicable to special-purpose properties that are not readily sold or rented
  3. IS IT WORTH IT TO MAKE CERTAIN REPAIRS AND RENOVATIONS OR LOWER THE PRICE FOR THE BUYER TO DO THEM?
    Certain renovations can bring a return on your investment. Others, however, regardless of how much you spend, won't add any value to the property. The major improvements that usually always add value to the property are done in the kitchen, bathroom, any porches, and the exterior of the property.
    Little repairs such as loose door knobs, doors that don't close all the way, screens off the track, and cracked window panes can suggest neglect to the buyer and should be fixed to maximize your home's value.
    In some instances, lowering the price for the buyer to make the repairs can attract more buyers who may not be able to afford the home when completely renovated, however, they have the time and effort to do the renovations themselves.
  4. HOW DO I GET MY HOME READY FOR SHOWINGS?
    Make sure floors and tables are free of clutter, beds are made, and any pet areas clean and odor-free. You may want to keep some cleaning supplies convenient to do a quick clean up before a showing. For more detailed information see our tips page in the seller's section.