Americans who do not rent their living space are homeowners, and these homeowners will have a lot of factors to juggle. This includes not only buying a house and staying on top of maintenance, but it also means knowing how and when to sell that property for a fair price. Americans often move during the course of their lives, and while older Americans don’t move as often as younger ones, any homeowner may decide that the time has come to sell their current property and move out. This is a tricky and time-consuming process, but a homeowner does not have to attempt it alone. They can hire aid, such as real estate lawyers to protect and represent their interests during a sale, and these home sellers can also look to real estate agents and their CMA software. For those not aware, CMA is “comparative market analysis”, and performing comparative market analysis is quite helpful for selling a house for a fair price. Realtor CMA software makes comparative market analysis relatively fast, easy, and organized, and a homeowner may appreciate the results.
The American Housing Market
Comparative market analysis work fits into the larger scheme of the real estate market, and younger adults may want to look into what this field looks like. This is especially true of Millennials, those young adults born from 1982 to 1995. Now, in the 2010s, Millennials are old enough and making enough money to afford major purchases such as houses, cars, and even boats. Such a young adult may want to do some research to see what he or she is getting into, though, so they can avoid some elementary mistakes and avoid certain pitfalls.
Anyone who looks into the current real estate market in the United States will see that experts predict 80% of all residential growth taking place in suburban communities. Someone looking to find a new home may look into a city’s suburbs, from Boston to Dallas to San Diego. What is more, the American housing market largely recovered from the 2008 crash, and the value of American housing stock has risen 6.5% in just 2017 alone, an increase of $2 billion. The Census Bureau, meanwhile, has reported that in February 2018, the median sales price of a new house was $326,800 or so, and 19% of all houses bought in 2016 were for investment purposes. Finally, someone looking into the real estate market, especially for selling, may take comfort that the median home price has risen 16.9% from $177,000 in 2008 to $207,000 in 2017.
Selling Your House For a Fair Price
A home seller may turn to comparative market analysis services and CMA reports to make a more effective sale. With the help of real estate agent and their comparative market analysis software, the seller’s house will be compared to nearby properties that are similar. The software will study the prices of those similar houses that are for sale or recently sold, and use that as a reference to create a fair average or meta sales price for that property. A homeowner may have great difficulty selling their real estate if the price is accidentally set too high, and the homeowner takes a serious loss if they set the price too low compared to similar houses in the area. Thus, CMA reports keep the price fair for all parties involved.
How else might a homeowner make their property more appealing? Another major step to take, aside from making an online listing, is to renovate that house and launch remodeling on the exterior and interior alike. The hardware inside or outside a house may wear out or go out of fashion, but a homeowner can hire experts to renovate jut about anything. Roofers can fix leaks and replace tiles, plumbers can replace sinks, toilets, or water heaters, and siding experts can update the house’s siding. Window and door replacement crews fit in new windows and doors, and dedicated interior remodeling crews can refresh the kitchen, master bathroom, or even the entire house at once. This is often a smart investment, since remodeled houses sell faster and for a better price than otherwise. In this way, remodeling the master bathroom or kitchen may result in a return of investment (ROI) around 70-80%.