Comparative Market Analysis is used to help evaluate what your home is worth. How your home compares to the competition? It looks at both homes that are currently listed and also those recently sold. The purpose is to find the best and highest price that will make your home competitive on the open market.
A CMA includes information such as number of bedrooms, baths, square footage, age of home, tax information, and other information regarding your home. The CMA will compare properties that are similar to yours that are on the active market and sold within a time range and area that the agent specifies in the analysis. The CMA summary will include the comparable properties that were used in the analysis, both active and sold.
At the end of the CMA, is a summary that includes the price per square foot that properties sold for. This gives you an idea of the price per square foot that your property may be worth. This will also give you a pretty good idea of what the market looks like at the time.
Did you know that throughout the past 8 months the market has slowly been leveling out from a buyer’s market (increased inventory and empowered buyers) to a more level playingfield for both buyers and sellers? This means that there is no more reason to wait to list your home for the market to turn, and also means homes are not staying on the market for long. Kick it into high gear and start looking for that home that fits your needs by investing in a quality real estate agent that will do the proper research and help protect you in the buying and selling process. Summer is coming and a lot of the homes on the market won’t last long so act now!
It is a quick and painless process for me to set up a search that fits what you are looking for to see if something is out there that fits your needs. Please don’t hesitate to contact me to see what is available.
Searching for homes in Salem couldn’t be more simple, with the help of a HomeStar Brokers Real Estate Agent. As a matter of fact, we have agents in our office that have areas of expertise that span the entire Willamette Valley. If this is your first home purchase, or even your fifteenth, we can help you.
Salem, Oregon is an amazing place to live, work, play and explore. As a born and raised Salemite I can assist you in any way possible with your home search. Getting your questions answered in a through and timely manner is my specialty. From, what are the available houses in south Salem up to $300,000 to where can I get a great cup of coffee, and where’s the best dry cleaner in town? I can help.
Send me an email or text, or just call! 503.302.8166 or Brittany@homestarbrokers.com – I’m here to help you!
There are many variables to consider when shopping for foreclosure homes, is it a bank owned home or is it a short sale. Are there any special incentives or restrictions if it is bank owned. Who is the loan servicer and how many lien holders if it is a short sale. These are questions that a good Realtor can help you navigate. In our market we are seeing more and more short sales as existing bank owned inventory is drying up. When looking at short sale properties it is also very important that the broker that is helping you is experienced in negotiating short sales, as these purchases are very complicated and an experienced short sale broker can assist the seller’s broker thru the process. I am a Certified Distressed Property Expert and closed over 30 short sales last year. If you are looking for a foreclosure property please give me a call.
Open houses are a great way to show off your property! As the weather gets nicer, more people attend the open houses. Fresh paint and cute decor can make all the difference for a potential buyer. Not only does the buyer look at the layout of the home, they also like to get ideas on how they might decorate the home, if they purchase it. Spring is a great time to spruce up your home before putting it on the market. Have your home be the property that everyone is talking about! Please contact me if you are looking to list, or you are a buyer wanting to see some homes.
1. Decide what you can afford. Generally, you can afford a home equal in value to between two and three times your gross income.
2. Develop your home wish list. Then, prioritize the features on your list.
3. Select where you want to live. Compile a list of three or four neighborhoods you’d like to live in, taking into account items such as schools, recreational facilities, area expansion plans, and safety.
4. Start saving. Do you have enough money saved to qualify for a mortgage and cover your down payment? Ideally, you should have 20 percent of the purchase price saved as a down payment. Also, don’t forget to factor in closing costs. Closing costs — including taxes, attorney’s fee, and transfer fees — average between 2 and 7 percent of the home price.
5. Get your credit in order. Obtain a copy of your credit report to make sure it is accurate and to correct any errors immediately. A credit report provides a history of your credit, bad debts, and any late payments.
6. Determine your mortgage qualifications. How large of mortgage do you qualify for? Also, explore different loan options — such as 30-year or 15-year fixed mortgages or ARMs — and decide what’s best for you.
7. Get preapproved. Organize all the documentation a lender will need to preapprove you for a loan. You might need W-2 forms, copies of at least one pay stub, account numbers, and copies of two to four months of bank or credit union statements.
8. Weigh other sources of help with a down payment. Do you qualify for any special mortgage or down payment assistance programs? Check with your state and local government on down payment assistance programs for first-time buyers. Or, if you have an IRA account, you can use the money you’ve saved to buy your fist home without paying a penalty for early withdrawal.
9. Calculate the costs of homeownership. This should include property taxes, insurance, maintenance and utilities, and association fees, if applicable.
10. Contact a REALTOR®. Find an experienced REALTOR® who can help guide you through the process
After several years of falling prices, the Salem real estate market is beginning to see a shift. Average residential sales prices are beginning to improve, with moderate increases in all areas.
It is also important to note that the available inventory of homes for sale is lower. Because of this, homes are selling faster. All of this is great news for home sellers!
The good news for buyers is that mortgage interest rates remain quite low making it a great time to buy a home!
So, with that being said, come visit my open house this Sunday, April 21, 2-4 pm at 5911 Legacy St SE in Salem. This is a great single level home built in 2012.
It’s a question a lot of people don’t know the answer too…I remember being that first time home buyer and being fearful to call the agent who had that propety listed that we were so interested in because we couldn’t afford to pay an agent. Little did I know that the Buyer pays NO Realtor commissions, the Seller takes care of that expense for you We are here to help you find your perfect home, not to add another fee to your closing costs!
To sum it all up…The Seller is responsible for paying both the Seller’s Agent and the Buyer’s Agent! I hope this makes you feel more comfortable about contacting an agent today to help you thru the process of homebuying…we are here to do the leg work for you
Call, text or email me today so I can help guide you thru the process.
Here are some interesting ideas to consider when getting your home ready to sell:
1. Update outdated bathrooms and kitchens. Often the key area buyers are looking at. Consider having outdated tile re-glazed. It it generally less expensive than retiling.
2. De-clutter your home! Your home will appear more spacious if you reorganize and de-clutter. Buyers often look in your cabinets and want to see lots of storage. Remember less is more even with your furniture.
3. Spruce up your front yard and porch. Power wash, weed and paint if needed. Consider adding touches of color such as flowers in pots. Remember that the buyer’s first impression can determine if they want to look inside.
4. Fresh flowers in a vase and a kitchen table set for a dinner party is an attractive and inexpensive fix that is pleasant to the eye.
5. Unfinished projects- make a to do list to get those tiny unfinished projects done. Some items might be a red flag to your potential buyer and it will cost you less to complete them than the buyer might want to deduct from the asking price.
If you are thinking of putting your home up for sale in the Willamette Valley, please give me a call. I can help you with suggestions to get your home ready and show you what your home’s value is in today’s market.
We are here to help you find your perfect home, not to add another fee to your closing costs!