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Value | pricing Blog

Thursday, April 25, 2019   /   by Connie Tracy

What is a CMA and How Does this Determine Market Value?

Before putting a home on the market or listing it with a real estate agent, home sellers should get a comparative market analysis, also known as a CMA. This is a free report to tell you how much your home is worth. But before you obtain the CMA, the agent should really come to your house and do a quick walkthrough to see what condition your home is in and any upgrades you may have done. Besides, we want to see what you love so much about your home and find out your long range goals.

The CMA is a report that is put together by looking at a variety of criteria in order to price your home at a fair market value. These reports vary for a two-page list of comparative sales to a 50-page comprehensive guide. Whether it is the 2 page or the 50 page report, it should include the following:

Active Listings: These are homes currently for sale. These listings matter only to the extent that they are your competition for buyers. These homes are not a representation of market value since ...

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Thursday, April 25, 2019   /   by Pamela Glende

Yikes the appraisal for my home just came in low! Is the deal going to fall apart?

It is a strong seller’s market and homes are selling fast. Most homes if priced at market value or slightly below are receiving multiple offers. Currently we have just over a month’s worth of inventory. A balanced market is 5.5 months of inventory. There are more people looking to purchase a home than we have currently for sale on the market. The result is that there is bidding wars on homes.


So, what could happen when you choose an offer on your home which is much higher than market value? If the home doesn’t appraise at the agreed upon purchase price and the appraisal is lower, we have a problem.


These are the things that can be done.


1.You could lower the purchase price to the appraised value.


2. You and the purchaser could meet in the middle. Example the purchase price was $250,000. The home appraised at $240,000. You could reduce the purchase price to $245,000 and the buyer could bring $5,000 to closing from their own funds. Keep in mind tha ...

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Thursday, April 25, 2019   /   by Pamela Glende

What are Millennial Home buyers looking for in today’s market? Should you as a seller be aware of what is appealing to them?

Sellers did you know that Millennial’s make up a large portion of our home buying market. This is the generation born between 1981-1996. They are in their twenties to late thirty’s. They are expected to out number baby boomers in 2019. It is something as a seller you can’t ignore.
They know what they want in a home and they are willing to keep looking until they find it. They see home ownership as more affordable than renting. They know that owning a home makes financial sense. They stay within their budget and don’t want to overpay for a home.
They are looking for homes that have sustainable designs such as the use of green products and materials that are kind to our environment.  Energy efficient appliances and smart thermostats.
They want homes that have smart technology, are eco-friendly and cost efficient. They also want homes to be a place of comfort and a quiet sanctuary. The quality of the neighborhood is at the top of their search as most impor ...

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Wednesday, April 24, 2019   /   by Dixie Simon

Mistakes To Avoid On Your First Buy/Sell

If this is the first time you're considering buying a home, or selling your first purchase, there are a lot of possible challenges you can end up facing. Having the right agent can ensure you're able to get through these challenges, but since some of the issues are universal, let's review some mistakes you want to avoid making.
 

1. THE RIGHT PRICE
Pricing a property is a science of its own. There are a lot of components and factors and so many small details that ultimately lead to the value of a home. Although there are a lot of sites with estimates, namely Zillow, the technology used on online sites to determine property values are simply not accurate. Zillow even states that their numbers can be inaccurate up to a whopping 20%. Without a background as a real estate professional, it is virtually impossible for a consumer to be able to know the proper components needed to price a home. When you're purchasing a home, your eagerness to find a deal can lead to stubbornness abou ...

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Wednesday, April 24, 2019   /   by Dixie Simon

What is an Appraisal And Why is it Needed?

Congratulations!  You have made the decision that you are ready to put your house on the market and begin the journey to find your next home. Working closely with your Real Estate agent will help facilitate as smooth a process as possible.  There will be many tips and suggestions they may provide, and they will be able to help you understand the different steps that will need to be taken to get your home sold!
 
One important thing to be aware of and plan for is the appraisal.  An appraisal is a report that is completed after a visit by a state licensed appraiser in which the fair market value is determined.  There are many factors that go into completing the appraisal which is required by mortgage lenders before they will lend money on properties. This is to help assure the lending company that they are not lending more than the property is worth which assures them if borrowers’ default on the loan they can sell the property and recoup their invest ...

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Haven Real Estate Group
Cambria Henry
304 W Pacific Ave; Suite 360
Spokane, WA 99201
509-590-4701

IDX information is provided exclusively for consumers’ personal, non-commercial use, that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing, and that data is deemed reliable but is not guaranteed accurate by the MLS.
MIMLS The data relating to real estate for sale on this web site comes in part from the Spokane Association of REALTORS® MLS. Real estate listings held by brokerage firms other than Haven Real Estate Group are marked with the IDX logo. All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor Haven Real Estate Group shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. Copyright 2019 of the Spokane Association of REALTORS® MLS. All rights reserved.