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If you’re thinking about selling your Clovis home, you first need to know it’s value. There are 4 common ways to determine your home’s value, but only one method is considered accurate. This article overviews all 4 options and explains how to choose the right option to make sure your Clovis home sells fast and for the highest possible price.
Value of Your Clovis Home
Four common ways to determine your home’s value are:
1. CMAs – Comparative Market Analysis
Commonly referred to as “Comparative Market Analysis”, CMA’s are a professional estimate of your Clovis home’s value. The term, “CMA” is Clovis Realtor-speak for searching similar Clovis homes for sale with those that have sold recently and then comparing those homes to yours using a sophisticated market analysis.
2. Internet “Estimates”
A number of internet website now offer home estimators to lure you onto their site. These sites attempt to provide a CMA, but there’s one big problem. They’re usually not very accurate. For example, Zillow’s home estimator, called “Zestimate”, attempts to give you a ‘ballpark’ figure of what your Clovis home’s value. Unfortunately, when we compared our professional CMA to Zillow’s estimate, their Zestimate was was wrong by $75,000. In fact, we sold our Clovis home for $75,000 more than Zillow listed its value as. That can mean only 1 of 2 things. We’re either a fantastic real estate company, or Zillow was flat out wrong.
Zillow and similar online companies are “fun” to browse though but if you’re serious about selling your home. Give us a call and get professional advice. You don’t want to risk throwing away tens of thousands of dollars because some computer miscalculated the value of your home.
An appraisal is another form of Clovis home value estimator done by a licensed appraiser. Appraisers crunch numbers like a Clovis Real Estate agent does to arrive at a home’s value. Most appraisals are conducted by independent appraisers for banks to make sure your home really is worth the amount the buyer paid for it. Unfortunately, many home appraisals these days are done by outside appraisers who don’t live in or know the Clovis area. Because of this, their appraisals often times are much lower than expected. You can appeal low appraisals, but it’s a time-consuming and complicated process.
4. Fair Market Value
The only real way to know the true market value of your home is to put it on the market and sell it. You may think your home is worth $1 million dollars and it might be to you. But in real estate and economics, your home is only worth what someone else will pay for it.
In order to put your home on the market, you’ll first want a CMA to know how much people have paid for similiar Clovis homes. Remember, a CMA will tell you what other Clovis homes like yours are on the market, how much they’re listed for, and what other comparable Clovis homes have sold for.
Above all, a CMA is a professional opinion of what you can realistically sell your Clovis home for. Without it, you risk listing your home too low, or too high. If you list too low, you’ve thrown away money that should have went into your pockets. But if you list too high, your home will sit on the market for months and months until it get’s labeled as a “something’s wrong with that” house. Once that happens, it’s extremely difficult to sell your home. Almost always, you’ll then lose ten of thousands of dollars. Your buyer pool will have purchased other Clovis homes and you’ll have to price your home below market value to sell it.
Price your home right the first time and you’ll sell it quickly — and for MORE money.
Clovis Real Estate
There’s nothing wrong with an online home value estimator. Just don’t rely on it. It could be off by $100,000 or more in some cases. Instead of risking that it might be wrong, just contact us. Since we specialize in Clovis real estate, we have our ‘pulse’ of the market. We’ll provide you an accurate CMA by looking at your entire neighborhood and evaluating what Clovis homes have sold for and then compare it to yours.