Woodbridge News & Tips

Real estate agents determine the value of a home by doing a comparative market analysis, CMA for short. The comparative market analysis will take your homes qualities (age, location, size, construction and style) and compare it with homes of the same caliber that have sold within the last 3-6 months. Agents will make adjustments if the subject property and the comparable properties differ slightly. Things that could differ would be a slight age difference or improvements that are on one property or not the other. Agents will use 3-5 comparable properties to get the most accurate idea on what your home should be listed at. They will also evaluate the neighborhood. This method is used because it determines the best price to list your home, so that you are not over pricing, or under pricing leaving yourself without a suitable buyer. Agents use a specific software to give you a full CMA report that includes all of the vital information you will need to understand the best price your home should be listed for.      

Some aspects of Real Estate can just be utterly confusing. One of the most important things to look for when you are researching the market is whether it is a “buyers market” or a “sellers market”. This can really influence what type of experience and set backs you may run into whether you are looking for your new dream home or looking to sell your home. So lets break it down! A buyers market occurs when the supply (number of homes available) exceeds demand (the number of buyers seeking to purchase a home). So if you are looking to buy a home this is the right time! There are going to be a lot of available homes on the market, and you may be able to snag your dream home for a better and lower price. On the other hand, if you are trying to sell your home in a buyers market, your property may remain on the market longer due to many other properties being on the market as well. A sellers market is quite the opposite! This occurs when demand (numbers of buyers seeking to purchase a home) exceeds supply (number of homes available). More times than not,