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Market Snapshot – What Is It And Why Is It Important?

When you are contemplating selling your home or property, it is always wise to know the current state of the market in your immediate area, as well as the broader market. The “Market Snapshot” was developed to provide a glimpse of the current real estate market by looking at property sales within a few miles of the “subject” (your) home.

You simply put in your address and the square footage of your home and the “snapshot” will go to work. This tool is quite good but doesn’t answer ALL of the questions about selling your home.

In order to understand how a snapshot fits into the total picture deciding when to sell your home, you must not only look at the current market, you must look at selling and buying trends, how much you owe on your home, and how long it is taking to sell a home in your area.

We can answer those questions by taking the “Snaphot” one step further. A comparative market analysis or CMA is perhaps the best tool to use in deciding if and when to sell your home. A CMA not only determines the average price per square foot of the homes in the area but it also allows a skilled agent to then look at the time each sale in the area took from listing to closing.

After doing a CMA you will see where you home sits in the market place. Comparing inventory of homes for sale, you may discover that your home might be the belle of the ball (one of the only homes in your area for sale) which would most likely be advantageous to put it on the market. Or, you may find that your home is just one of many homes vying for attention from the same buyer pool. In this case, supply and demand oft times kicks in and prices tend to be lower when more homes are on the market.

There are many other factors that a good CMA will help you consider. We at Value 1st Realty, Don Allphin Sr. and Don Allphin Jr. would be honored to be able to provide you with the most up-to-the-minute Comparative Market Analysis and will be able to answer any of your questions about the selling process. Call us today. 801-400-7172 or 801-358-5583.