It’s not uncommon to see two similar homes selling for vastly different prices – but why does that happen, and will those home sales affect yours?
How Other Property Sales Can Affect Your Home’s Value
When you work with a Realtor®, you’ll get a free comparative market analysis, or CMA. The CMA is designed to tell you what other homes in the area are selling for – and it will give you a good idea of where you should price yours.
The value of your home depends on current market conditions in your entire community and right in your neighborhood.
If you’re selling your home after two neighbors with similar homes just sold at asking price, chances are good (barring any extenuating circumstances) that you’ll be able to do the same. Unfortunately, though, in a neighborhood where homes are selling for less than their asking prices, yours may not be worth what you feel it is.
Remember, when you’re selling, it’s not necessarily about what you’ve put into the home. It’s how much buyers perceive that it’s worth.
Other Factors That Can Change Your Home’s Value
There are several factors that can bring up (or lower) your home’s value, including:
- Foreclosures in the neighborhood
- Location (including amenities that are being added nearby)
- Size and layout
- Upgrades you’ve made (or haven’t made, in some cases)
- Negative events such as mold, water damage or other things that can degrade your home’s quality
- Logistics, such as safety, commute times, area cleanliness, and access to public transit
Because some of these things are out of your control (you can’t demand that the city stop construction on a freeway or insist that the bank not foreclose on your neighbors because it could lower your property value), it’s not always easy to predict what kind of figures your comparative market analysis will show.
Are You Selling Your Home?
Let us give you a free CMA. We know the ins and outs of the Tampa Bay real estate market; we’ll be able to evaluate your home using our extensive experience.
Call us at 727-584-8480 or 813-961-6000. You can also get in touch with us online if it’s easier.