The other day I had a conversation with someone who wants to build their dream home with Julie LaTerra Homes, Charlotte’s premier custom home builder. He has a home to sell before he can move forward with his plans. This conversation provided some thoughts that I wanted to share with you, so this is part one and I will share part two with you next week. His concern is that some of the homes in his neighborhood have sold for less than what they would have sold for a couple of years ago and others have sold for more than what he paid for his home. I asked him if he had thought of calling a Realtor to do a Competitive Market Analysis (CMA).
For those who don’t know, a Competitive Market Analysis is a comparison of the prices of recently sold homes that are similar to a listing seller's home in terms of location, style and amenities. He had not considered that possibility and was pretty excited about what he may learn by having that done. One way to start this process is by checking out www.zillow.com. You can get a great idea of the price range of the home. You put in the information and they will give you an estimate of the value of your home. A Realtor who is knowledgeable of your market area can provide more in depth information to you.
If you have not had this done before on your home, call one of the local Realtors who is familiar with your community and they would be more than glad to do this for you at no charge. You may be pleasantly surprised at what you may learn. Remember, even if you are not able to sell your home for the price you desire, now is a great time to buy because pricing for new homes is currently very aggressive so you can take advantage of that excellent opportunity.
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