What is My Home Worth?

One of the first questions most home sellers ask is “What is my home worth right now?”  There are only two reliable ways to know:

• Pay for a professional appraisal, or
• Contact a qualified real estate agent to perform a Competitive Market Analysis (CMA).

A Competitive Market Analysis provides a market value range.  That is the price range within which your home should sell if it were properly marketed today.  This analysis is based on recent sales of similar homes in your neighborhood, along with current market conditions.

Our Experience Matters

The licensed real estate agents at DMS Properties, LLC Residential Real Estate Services have performed thousands of market analyses over the years.  We have provided value opinions for more than 1,750 Maryland homes, representing a combined market value exceeding $500 million.

Many of these analyses were completed for lenders in the form of Broker Price Opinion (BPOs).  Lenders typically request a BPO for one of three reasons:

• The homeowner is refinancing and the lender needs to confirm that the value supports the loan.
• The homeowner is seeking a loan modification and the lender must determine the current value.
• The property is in foreclosure or being sold as a short sale and the lender is deciding how to proceed.

We have extensive experience selling foreclosure (REO) properties and short sale properties and have a strong understanding of those processes.  If you are thinking about refinancing or requesting a loan modification, knowing your home’s market value is essential.

Important:  Who Can Perform a Market Analysis?

Only a licensed real estate agent can legally perform a valid Market Analysis and provide an accurate price value range for your home.  You may see websites that ask for a few details and instantly tell you what your house is worth.  These estimates are often inaccurate and should not be relied upon.

Under the Code of Ethics of the Maryland Real Estate Commission (MREC), a proper Market Analysis can only be completed by a licensed real estate agent.  We not only review comparable properties, we also conduct a thorough review of your home itself.  Any Market Analysis prepared by a Maryland-licensed real estate agent must include the following disclosure:

THIS ANALYSIS IS NOT AN APPRAISAL. IT IS INTENDED ONLY
FOR THE PURPOSE OF ASSISTING BUYERS OR SELLERS OR
PROSPECTIVE BUYERS OR SELLERS IN DECIDING THE
LISTING, OFFERING, OR SALE PRICE OF REAL PROPERTY

Who Decides the Asking Price?

If you decide to sell your home, it’s important to understand that real estate agents are not permitted to choose your asking price. That decision is always yours.  Our role is to provide you with a realistic market value range so you can make the best decision for your situation.  However, experience clearly shows that homes priced too high simply do not sell, and often don’t even attract showings.

How Our Market Analysis Process Works

If you’d like to know the market value range of your home, we’re happy to help.

Complete the Market Analysis Form.  We will prepare a preliminary Market Analysis based on available data.  This gives you a realistic expectation of what your home could sell for in an arm’s-length transaction.

Request an optional in-home review.   When you are closer to listing your home, we can visit the property to examine each room and adjust the analysis based on specific features and condition. This step is usually unnecessary until you are ready to sell.

There is never any cost or obligation for this service.  While we hope you’ll contact us when you decide to sell, we are always happy to provide the information, even if you choose not to move forward.

Why Get a Market Analysis?

A Market Analysis can be useful for many reasons, including:

• Determining an appropriate asking price before selling
• Divorce property settlements
• Estate planning
• Planning for a refinance or home equity line of credit

In most lending situations, the lender will still require a formal appraisal.  However, a current Market Analysis can help you plan and make informed decisions.