True market value is determined by a meeting of the minds between buyer and seller. Your Le Reve Real Estate agent can provide you with a Comparative Market Analysis (CMA) giving you an accurate indication of the most likely sales price range of your property, the time you should expect it to be on the market, and what you may need to do to get your home ready to sell. Consult your agent today to obtain the most accurate price for your property.
Market Value is defined as:
- The most probable price a property should bring in a competitive and open market assuming the following conditions: buyer and seller are typically motivated, both parties are well informed or well advised acting in their own best interest, a reasonable time is allowed for exposure in the open market, and the price represents normal financing and sales concessions. (The Language of Real Estate, Sixth Edition, John W. Reilly)
- An estimate of price is generally indicated as a range of values.
- In preparing a competitive market analysis (CMA), we will use comparable sales, competitive listings, location, amenities, and property condition.
The CMA will not reflect every property of comparable value for sale on the market today but will represent a good cross-section of the current inventory and recent sales. While none of the properties will be exactly yours, they will provide a good reference source in a comparative analysis. The price you will receive will depend on your motivation, the motivation of the buyer, and the market conditions at the time of the sale.
This information is not an accurate valuation method, only a neighborhood snapshot of asking prices and selling prices. Actual property selling prices are determined by a buyer making a written offer to purchase and a seller accepting that offer. Some homes are on the market for long periods waiting for the right price and terms.
Let’s Get Started