Hows the Market?
How’s the market is the number one question on the minds of most home owners. Whether looking to sell in the near future or not, home owners want to know that their investment is protected. A more appropriate question to ask is, How’s (Your) Market? Because real estate is hyper-local in nature, property value trends in Central Austin can vary significantly from outlying areas. Different price segments of the market often fluctuate too.
Answer: Ask a Local Professional
There is no shortage of places that you can “research” property values, from tax records to Zestimates to whatever the newest craze might be in online property valuation. Since Texas is a non-disclosure state when it comes to the sale of real property, the information you’ll gather from most of those national home search sites is inaccurate or at best, incomplete.
The truth of the matter is there is no substitute for seeking the counsel of a local Real Estate Professional. Find someone who is familiar with YOUR market and is on the ground previewing property and working with buyers and sellers on a daily basis. He or she will be much more knowledgeable and insightful into how the current market dynamics are affecting the value and salability of your property.
What Can You Expect to See in a CMA?
This type of analysis is often referred to as a ‘CMA’ which stands for comparative market analysis. A CMA is a brief report detailing information about what homes like yours have been selling for over the past 3-6 months. Furthermore, based on this information and the details of your home specifically, it may assign a potential price range for your home should you decide to explore a sale.
Be careful because there is a lot more that goes into finding the market sweet spot for your property than a few simple clicks of the mouse. The price derived from a CMA is somewhat subjective and can vary among agents. An agent’s experience level and familiarity with the local area can affect the accuracy. Typically, a CMA prepared by an experienced agent with good knowledge of the local market is right in line with your home’s appraised value. A CMA can therefore be a very useful tool in a real estate transaction. Keep in mind, a CMA is not a professional appraisal.
Get Your Free Evaluation
Are you curious about what your property is worth in today’s real estate market? Fill out the form below to receive a free home market evaluation. If you are buying or selling a home, we can then analyze the market trends, allowing you to make an educated decision about how to proceed with the sale of your home, or bid on a potential home of interest.
Request a Market Evaluation for Your Home & Neighborhood.