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March
15

Unraveling the Mystery of Home Valuation - DeHOFF REALTORS®

From the outside, it's easy for home valuation to feel like one big mystery. Even though you might be familiar with many of the ingredients that go into a home valuation, you might be wondering how your real estate agent mixes them all together to identify the right listing price for the home. Our real estate agents are here to provide an industry perspective and help you unravel the mystery of home valuation.

  • Understanding What Goes Into a Comparative Market Analysis (CMA)
    Let's say you're trying to price a home to compete with other Akron homes for sale. A CMA is one of the most important tools that your agent will use to help determine the value of the home. By comparing the home with similar properties that were part of recent real estate transactions in the same market, you can find an asking price that fits that market. A CMA takes into account homes that are currently for sale, homes that have recently sold, and homes that were listed but didn't sell. The process works best when there are more homes in your market with a similar size, amenities, and features.

  • Bedrooms, Bathrooms, and Amenities
    While the size of a home is an important factor in the price, two similarly sized homes can still have very different values. The condition of the home is naturally an important factor, but so is how the space in the home is used. The number of bedrooms and bathrooms, along with garage space, are all key factors for buyers to consider. Of course, any added amenities will also influence price. A home with a swimming pool, ultra-modern kitchen, and outdoor dining space will be worth more than a similarly sized home without those features.

  • Neighborhood, School District, and Local Attractions
    It's not just the amenities within the home that impact the valuation. The amenities, attractions, and characteristics of the neighborhood also play a key role. A home that is conveniently located with nearby shopping, dining, attractions, and a short commute to work will have more value than a home located in a neighborhood without all of those perks. Buyers with kids will also tend to be very interested in the quality of the local school district, and may be willing to pay a premium for homes in the best school districts.

  • The Impact of Market Conditions on Home Values
    The home itself is a huge factor, but the market where that home is located can also have a significant impact on a home valuation. If you're pricing a home to compete with North Canton homes for sale, then your price needs to fit within the realities of that market. In a market where homes are selling fast and inventory is low, you may be able to ask for a higher price than in other markets.

  • How Flexible Are Your as a Seller?
    Do you have the time to be patient with your home sale, or do you need to meet a specific deadline in order to move on to your next home? If a buyer makes an excellent offer but needs to complete the sale ASAP, will you be able to accommodate their needs? Your flexibility as a seller can impact the value you can expect to receive, and is especially important once you get into negotiations with a potential buyer.

When it's time to buy or sell your next home, our team is here to help you analyze the market with expert advice. Contact us to buy and sell homes throughout the Canton, OH area.

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