subject: Helpful Tips In Determining The Fair Market Value Of Your Coral Gables Real Estate Property [print this page] In home-selling, one of the most common (and costliest) mistakes homeowners make is pricing their property wrongly. If you sell your home too high, the property is at risk of getting stale from not receiving any visits from buyers. If you sell your home too low, youll surely regret the sale in the end. That is why getting the Fair Market Value for your property is important. If you're about to price your Coral Gables real estate property, here are some tips to consider.
The Comps
First and foremost important Fair Market Value tool is the comps or the comparable homes. Researching your neighboring Coral Gables real estate properties will be tremendously helpful in giving you a baseline sample of the price for yours. You must limit your comps research to properties that are similar to yours: square footage, condition, age and construction. Furthermore, choose properties that were sold recently or those that are currently or newly added to the market listing.
Obtaining the Comps
Your agent will be able to provide you with the Comparative Market Analysis, which you can use to price your Coral Gables real estate property correctly. Also known as CMA, this tool is the compilation of market statistics and includes information on homes that were sold within the past six months (Recent Sales); and properties that are listed in active listings (Currently for Sale).
Another way to obtain CMA is to surf the web for an online tool that can provide you with a location-specific report. In addition, the CMA is likely to be available in the citys public records and newspapers.
Pricing using Comps
Comps are useful in helping you determine the average cost per square foot in your neighborhood. This can be achieved by getting the average square foot and average price. To get the average square foot use this formula: Square Foot of Home 1 to Home 5 / 5. Five is used for the example but you can use at least three properties.
Next, determine the average price by using the same formula but changing the values to the sold price of the same properties. Once you get the average price, divide that number by the average square footage to obtain the average price per square foot. Finally, multiply that number by the square footage of your home for sale. The final number is pretty much the basis of the price you will need for the property.
