Home Selling in 80016>Question Details

Carol Vernon, Home Seller in 80016

We own a home in Greenfield subdivision, bought at $325k 2 1//2 yearsago at 10�low appraised.

Asked by Carol Vernon, 80016 Wed Jan 28, 2009

We have put $35k into home finishing the walk-out basement (now 3780 sq ft from 2575), new deck,etc. We would like to walk away even, but have been told by two real estate agents that we can only get $350k for it based on CMA. However, in CMA, only 3-car garage and walk-outs were compared, like ours, whereas homes in neighborhood sold the past few months for the $360s & 370s with no walk out basements, so not compared. How do you know when a CMA is really appropriate pricing, when some smaller/less feature homes have sold for more only a block or two away?

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The CMA is a favorite of many Agents, Our team uses CMA's for the people who like to see charts and graphs and numbers but to be realistic every home is different and there is no way to tell what your home will sell for with out having a listing agent come see the house. I live in Tuscany and so do my Team Members Sandy and Mark sr. We own 2 home in the area and know what homes sell for. We did sell a listing in Greenfield over the past summer and we got more than what the CMA said it would sell for. So to answer your question no CMA's are not the way to price your house, it is a guideline especially since CMA's would be counting the Lender owned homes against yours if the agents had not pulled them out as comps. I hope this helps
2 votes Thank Flag Link Wed Jan 28, 2009
Hello Carol,

Just like you stated about the CMA only using certain comps, the CMA is only as good as the information put into it. I just ran some quick CMA's and whether I put in all homes that Sold in Greenfield for the last 6 months, or only homes that were not distressed that Sold in Greenfield or even putting in all similar homes that feed into Rolling Hills Elementary, they were all coming out with an average price in the $350,000's. However I see that your home sits on over a quarter of an acre, that's really nice, you finished your basement if it's a nice finish that's a lot of value, you have mountain views, the Interior pictures from when you bought it, look gorgeous, you have a very upgraded kitchen with granite counters and cherry cabinets, all of these things really WOW the buyer, and add value. The CMA is a very good guideline, but the Buyer's will ultimately be the ones to say if your house is worth more or not. None of us want to take overpriced listings, it's just a bad experience for you and the Realtor. I think I showed the house when it was listed back in 2006, if it's still as nice and the basement is really nice, I would think you should get about $375,000 for it. That's about the highest any of the comparable homes have Sold for in the last 6 months. I hope your Selling experience is a good one, good luck to you and your family.

Sandy Kinslow
Coldwell Banker
2 votes Thank Flag Link Wed Jan 28, 2009
Carol,

Another home owner just last week had me do a cma for them, and the value range is about $360,000. It is a St Augustine Model with of course differences. What model do you have. By the way I also live in the Greenfield neighborhood and have lived here about 10 years. If you like we can chat more about it, I have successfully sold Greenfield homes and can give you indepth information about our area.

Regards,

Bill
Web Reference: http://homesellteam.com
0 votes Thank Flag Link Wed Jan 28, 2009
I actaully live in Greenfield too. So I am very familiar with all the floorplans and what has sold in the area, if you want to shoot me an email with your address, I would be more than happy to run comparables for you and go over the sold properties for the last 90 days.
0 votes Thank Flag Link Wed Jan 28, 2009
What a good question. There are so many variables when preparing a CMA. I like to show my clients everything that has sold in the subdivsion in the last 3 months to get an overview of some of those variables.

Are you looking at net sales price (after sales concessions) on those that sold for $360s to $370s ? Have you asked the 2 agents to make sense of that price discrepancy? They should be happy to explain the logic of their CMAs. It wouldn't hurt to have another Realtor look at it all.
0 votes Thank Flag Link Wed Jan 28, 2009
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