As the beginning of the school year approaches, many real estate agents are finishing one of the busiest times of the year. The fact that many families want to find their new house, move in, and get the kids settled before the new school year starts means that there is actually a little bit of down time in some markets. Fortunately, with the use of comparative market analysis (CMA) platforms, both buyers and sellers can make sure that they are paying a price that is within the normal range, even during busy and down times.
Realtor CMA tools help gather the most thorough amounts of comparable prices on homes within any given area. In fact, it is with these realtor CMA software packages that most sellers know what price they should list their house at. Likewise, buyers and their realtors can make sure that they are able to get an accurate feel for a market anywhere in the country.
Often, when people are moving from one part of the country to another they simply do not understand the regional property values. If, for instance, you live on the coast and are moving to the midwest you could easily overpay for a property if you did not understand what the local market is like. Likewise, without paying attention to the prices of real estate on either coast, someone from the midwest might not understand the cost of living and the kind of salary that it will take to live a comparable lifestyle.
Consider some of these facts and figures about the use of realtor CMA platforms and the impact that the housing market has on the nation’s economy:
- $31.8 trillion is the cumulative worth of all the homes in the U.S.
- In the year 2017, the value of the U.S. housing stock increased by $2 trillion, which represented a 6.5% increase.
- 19% of all homes sold in the year 2016 were purchased for investment purposes.
- A number that is only expected to rise, Millennials and Gen Yers made up nearly 34% of home buyers in the year 2017.
- The median sales price of new houses sold as of February 2018 was $326,800, according to the Census Bureau.
- The homeownership rate in the U.S. in the year 2016 was the lowest it has been in 50 years.
Whether your family is just settling into a new home at the beginning of the school year, or your family is thinking about listing your house for sale next summer, realtor CMAs are an important resource.