The real estate market is a large one, and tens of millions of Americans are homeowners. While many households today rent their property, homehowners are tasked with knowing how to find the best property for their money, which means looking over the property in person and juggling many different details. In fact, some home buyers hire lawyers to help them with the paperwork, and help avoid any pitfalls or mistakes along the way. And later on, a homeowner may find themselves in the opposite role: the seller. Selling your house is also tricky, and may also require some legal help to make sure the paperwork goes through properly. When selling a house, the homeowner will take care to ensure that the property will be desirable to buyers, and the owner will also make sure the price is fair. Selling for too high a price will drive away buyers, and selling for too low a price represents a major loss. To stay in the middle ground, the homeowner may make use of real estate CMA software, but just what is real estate CMA software? Real estate software like this can help a homeowner sell their property fairly, and real estate agents may offer realtor CMA software to help out.
The American Housing Market Today
Someone looking to sell their property may want to get a general idea of what the American real estate market looks like today. This market has largely recovered from the 2008 crash, and the median home price has risen from $177,000 in 2008 up 16.9% to $207,000 in the year 2017. New home construction has risen to match, and today, homeowners may sell their properties for a healthy price. The growth may have slowed down somewhat, but any homeowner with real estate CMA software and a lawyer may secure a fair price, if they do things right. And in 2017, the price of American housing stock rose 6.5%, or by $2 trillion.
Who owns these houses, and who is looking to buy them? While older Americans have the most spending money and are more likely to have homes to sell in the first place, young adults are catching up. The Millennials, young adults born from 1982 to 1995, are now old enough to afford major life purchases such as houses and cars, and various industry experts are paying close attention to them and their spending habits. Millennials are a growing minority among home buyers, and many of them are buying such property for the first time. They may buy a house from someone who used real estate CMA software, and this ensures a fair deal for both parties. That, and legal assistance on both sides also helps ensure a fair deal. How might it work?
The Basics of CMA
When a homeowner is ready to sell their property, they can turn to real estate agents who offer CMA software. Such programs are designed to generate fair prices for selling homes, and this is done when the program assembles data showing the selling price of similar properties in the area. This data compilation may include houses currently on the market, houses that recently sold, or both, depending on the homeowner’s preference. In this way, the CMA software determines the average or “typical” price that similar properties sell for, and that helps the homeowner set a fair price. They don’t want to set a too-high price and fail to get buyers, and selling the house for a much lower price may bring in buyers, but at a huge loss.
What makes a house worth more? A homeowner may ask for a better price if, put simply, their house’s hardware is fresh. Remodeling crews can renovate the interior with new wood floors, new kitchen surfaces and appliances, new plumbing in the bathroom, and even new window frames and glass. A fresh roof or new siding may also make the property more attractive to buyers, and the homeowner may invest in landscaping, such as planting trees, a wooden deck, a shed, a fence, or even a flower garden. Investing just 5% of the property’s value in landscaping may yield a ROI, or return on investment, as high as 150% or more if done well at the hands of professionals.