Most agents estimate your home's value by running a Comparative Market Analysis (CMA) - a 30-minute procedure that selects a few properties with which to compare prices. This is a good first step but could possibly be in error by tens of thousands of dollars since it doesn't answer critical supply and demand questions such as:
Many agents partially account for supply and demand with "gut feel and experience" based on having sold 5 or 10 homes per year. But thousands of homes sell every month in the local area and setting your home's selling price based on a gut feel for a few properties is simply too risky for this important decision.
At Vantage Realty Group we maintain our own database of property statistics that allows, what we believe to be, a better and more accurate analysis.
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