What is My Home Worth?
One of the first things that a potential home seller wants to know is "What is my home worth right now?" There are basically two ways for you to know for sure ... the first is to pay for an appraisal. The second is to contact a qualified Real Estate Agent. We can perform what is known as a Competative Market Analaysis (CMA) for your property. This will tell you the price range within which your home should sell if we were to market it for sale, based on the sales of comparative (similar) homes in your neighborhood.
The licensed real estate agents at DMS Properties, LLC ... Residential Real Estate Services have performed a market analysis on over 1,750 Maryland homes with a combined market value of over $500 million. Many of these were directly for lenders in the form of a Broker Price Opinion (BPO). There are three reasons that we know of why a lender would request a BPO on a property:
ONLY A REAL ESTATE AGENT CAN PERFORM A CMA AND GIVE YOU AN ACCURATE PRICE VALUE RANGE FOR YOUR HOME.
There are some web sites that claim to be able to perform this service for you. They will ask you to plug in some basic information and then will tell you what your house is worth. Don't believe them! Under the Code of Ethics for the Maryland Real Estate Commission, the only way to properly conduct a CMA is for a Real Estate Agent to review the comparable properties AND do an extensive review of your specific property.
If you decide to ultimately sell your property, Real Estate Agents are not permitted to tell you what asking price to choose. That is YOUR decision ... we don't make decisions for our clients. The best that we can do is provide you with this information so that you can make the right decision for your individual situation. The bottom line, though, is that home that are priced too high simply don't sell (people don't even come to look at them!).
If you would like to know, in general terms, what the approximate value of your current home is, Click Here to complete the Market Analysis Form. We will gladly perform what we call a "preliminary CMA" for your property. This will tell you what you can reasonably expect your home to sell for in an arms-length transaction (a willing seller and a willing buyer). A full-blown CMA involves visiting the home and examining every room ... this is probably not necessary until you are actually ready to put your home on the market.
There is no cost or obligation for this service. Obviously, though, we hope that you will contact us at some point in the future if you decide to sell your home. Even if you don't, though, we will give you the numbers. Any CMA that you receive from a Real Estate Agent licensed in Maryland should contain the following disclosure:
THIS ANALYSIS IS NOT AN
APPRAISAL. IT IS INTENDED
ONLY FOR THE PURPOSE OF ASSISTING BUYERS OR
A property CMA can be used for many purposes: Obviously, the primary reason you would want one is so that you can decide on the asking price for your property if you decide to sell. Another reason for determining the value of a property is for a property settlement agreement in the case of a divorce. A third reason for wanting to have an idea of what your property is worth is for the purpose of considering a refinance or a home equity line of credit. In most cases, the lender will want to perform an appraisal to determine the exact value so that they can make the loan, but a CMA can help you make your plans
information contained on this site is maintained by DMS
Properties, LLC ... Residential Real Estate Services.