A comparative market analysis (CMA) with recent market data will help you estimate your San Diego home’s value. While the report is based on data, it also requires local market knowledge about which homes to compare and how to interpret the prices. The best data is from recent sales of homes that are similar to yours, preferably within the past 3 months, but up to 6 months if needed. The comparison of your home with others will include not only the size and the number of bedrooms and baths, but also the condition, the neighborhood, and the proximity to amenities. If you do not understand the comparisons, just ask to see some of the properties currently for sale or look online at photos of the homes.
If you are looking to sell your home, it’s always tempting to list your home with the REALTOR® who tells you it can sell at the highest price. However, a better way to sell your home is to price it as accurately as possible from the start. An overpriced home that sits on the market will normally end up selling for less than the estimated correct price.
When you sell your home, an appraisal will be completed by the buyers’ lender, so remember that your home has to appraise for the selling price or higher. Otherwise, you may need to renegotiate the sale or the buyers will need to come up with extra money to close the deal.