Mississippi residents who plan to sell their homes may wonder where to start. Although real estate law vary among states, some steps will remain the same.
Sellers may want to obtain a Comparative Market Analysis, or CMA, before putting their homes on the market. A CMA can be done by a Realtor and provides a working estimate of the value of the home. The document outlines comparable homes currently on the market, those currently in pending status or under contract, and those that have been sold within the past 90 days. Expired listings as well as those that were cancelled or withdrawn can provide sellers with valuable insight as far as the market values of their homes are concerned.
The party who prepares the CMA will compare similar homes that are similar in age with the same number of beds and baths, those close in size and those proximal to the subject property. The CMA considers upgrades such as pools, spas and gourmet kitchens when locating comparable homes. Also, comparable homes are chosen from similar communities with comparable amenities. For example, a well-done CMA would not compare a home in a gated community located on golf course with a property on a public road with no amenities.
Before listing a home for sale, it’s important to consider why some homes didn’t sell or why the sellers withdrew them from the market. The sellers’ circumstances may have changed, or the homes may not have been listed at competitive market values.
Selling a home is a big decision, and many people may find the process overwhelming. A real estate law attorney may be able to help sellers identify potential issues and address them before they become costly mistakes.