This summer is going to be far more complicated than you would have expected.
You have always known that at some point you would sell your large ranch home and five and a half acres that is located just two miles out of town. You knew that when all three boys had graduated college you and your husband would want to spend more time at your lake house and that you would want to spend less time than it takes to keep up the big ranch and the big lot.
Three months ago, however, when you realized that the neighboring property owner was measuring one of his lots so that his son could move a modular home on the space, your husband saw an opportunity. A 30 minute conversation later, your husband was walking the neighbor and his son through your acreage and into the house. Everyone involved wondered if it might make more sense to sell your home to the neighbor’s son. In a private conversation between just the two of you, your husband shared that he did not think a modular home right across the driveway to your home would help your property value.
A few offers back and forth later and both parties had reached an agreement on the selling price of your current home, and you and your husband are now looking at moving out of your home of 20 years by the end of the summer. A local realtor was able to help with the pricing, and you are now trying to figure out where you will be living for the next four years, when you are ready to retire. you have unfortunately had to give notice to your favorite renter and tell her that she can have the rest of the summer rent free, but that you will need her to move out by the middle of August. You and your husband are seriously downsizing and are preparing to move into this rental yourself. Interestingly enough, you are even looking at purchasing one more rental in an effort to find this favorite tenant another place to stay.
Realtor CMA Reports Are a Valuable Part of Any Buying or Selling Process
Fortunately, in addition to your primary home and the lake house, you also have two small rentals in town. You are
A comparative market analysis (CMA) is an important part of any real estate sale or purchase. In fact, without a realtor CMA report it is impossible to understand the value of any size of kind of property. Moving from one part of the country to another, for instance, can be especially challenging because the real estate market can vary so greatly. Even what may seem like a simple move across town benefits from a realtor CMA study to make sure that you understand the actual selling prices of homes in the area.
Not only beneficial to buyers, real estate CMA software is also essential to sellers as well. It is important to get a realistic look at the selling prices of businesses with comparable custom bases and inventory. Whether you are looking to purchase your first home or your third business, it is important to make sure that your realtor makes use of the latest CMA tools to help you understand the local market.
Consider some of these facts and figures about the housing market in America and the impact that it has on the nation’s economy:
- 19% of all homes sold in the year 2016 were purchased for investment purposes.
- $31.8 trillion is the cumulative worth of all the homes in the U.S.
- With median home prices rising 16.9% from $177,000 in 2008 to $207,000 in 2017, the housing market regained some of the loss from the 2008 crash.
- The 10 most valuable metropolitan areas in America are worth $11.3 trillion, which is 36% of the total U.S. housing stock.
- The homeownership rate in the U.S. in 2016 was the lowest it has been in 50 years.
Making a home or business purchase is stressful in itself, but if you do not spend time looking at realtor CMA numbers you might find yourself in a very difficult financial situation.