What is a comparative market analysis (CMA)?
A report compiled by your real estate agent analyzing the prices of similar recently sold homes (comps) in your neighborhood to help you set a competitive list price.
How much will I make on the sale?
To calculate your net profit, you subtract your outstanding mortgage, agent commissions, prorated property taxes, and closing costs from the final sale price.
What is escrow?
A neutral third-party account where the buyer’s earnest money is held. It ensures that neither the buyer nor the seller can access funds or the deed to the property until all contract conditions are met.
How much should I list my house for?
Pricing requires analyzing recent, local “comps” (comparables). These are sales of similar homes in your specific neighborhood that recently closed, ensuring your price aligns with current local demand.
How can I prepare my home for sale?
Focus on curb appeal, decluttering, deep cleaning, and handling minor repairs. First impressions matter immensely when buyers walk through the door.
What is the MLS?
The Multiple Listing Service (MLS) is a private, cooperative database where real estate professionals list homes for sale. It ensures maximum market exposure for sellers.
What are contingencies?
These are specific clauses in the purchase contract that allow a party to back out without penalty (e.g., if the home fails a structural inspection or the buyer’s mortgage falls through).
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