Did you know...

The year-to-date figures for number of houses sold in the City of Rochester increased 106.7%.

*Statistic derived from GRAR-GENRIS.

The Importance of a Compartive Market Analysis

A Comparative Market Analysis, or CMA, is a valuable service for home sellers but can also be beneficial to home buyers. It is an evaluation of a home’s value based on available local market data including:

• How much homes similar to yours have sold for recently
• Pending sales that are similar to yours
• How long these homes were on the market before they sold
• How fast you can expect to sell your home
• What your "competition" would be should you decide to put your home on the market right away
• A recommended asking price

Reasons to Know Your Home’s Market Value

Your home’s market value is an important factor in a long list of financial decisions. Many of these decisions include:

• Selling your home
• Refinancing your mortgage
• Borrowing against your equity
• Estimating your annual property tax bill
• Buying homeowner’s insurance
• Calculating the expected return on remodeling costs
• Managing your other investments
• Estate planning

Figuring out how much your home is worth by remembering how much you paid for it months or years ago is not relevant to the home’s current market value. The best person qualified to prepare your CMA is a licensed real estate agent in your area.

The market data provided in different CMA's should not vary by much since all real estate agents have access to the same market information. The suggested price on your CMA should not be the determining factor when choosing which agent will sell your home for more money. What will make a difference is the agent’s marketing plan for your home.

Keep in mind these questions when selecting a real estate agent

• What are they willing to do for you?
• Will they use every possible marketing tool available to generate the most qualified buyers possible?

Our Winning Formula
The best marketing plan available
+

The most qualified buyers who
create more purchase offers
=
More money, fewer problems,
and a quicker sale!

If you’re thinking of selling your home, let Nothnagle Realtors get you noticed! Call any Nothnagle agent direct or call 899-MOVE today!

Why Live in Rochester?

According to 2006 Money Magazine reports, the average commute is 16.9 minutes - 3.9 minutes less than the national average!

Assessed Value Vs. Fair Market Value

Assessed Value
This is the dollar value placed on a parcel of property by the Assessor’s Office. It is computed by analyzing thousands of individual sale transactions, thousands of inspections and a thorough study of neighborhoods in your town. It is the Assessor’s estimate of market value. This information is used by taxing authorities to determine taxable value only.
Assessed value is NOT always an indication of market value. Remember, the "estimated Fair Market Value" is an estimate and is only approximate.

Estimated Fair Market Value
Fair Market Value is the value of a home in TODAY’S market. This is the current price a willing and able buyer will pay for a home which could change at any time.
A Comparative Market Analysis or CMA is the best and most accurate way of determining market value. Using this approach, the market value of a home is based upon recent sales (preferably in the current year) of at least three similar neighboring homes.
In theory both values would be identical. But in reality they seldom are because the real estate market is constantly changing and assessed values are typically updated every two years. A real estate agent is the best qualified to help you determine Fair Market Value.
One very important task involved in selling your home is determining the sale price correctly! There is nothing more exciting for a seller than to have multiple offers on their property. And by having multiple offers you can actually end up selling for more than your original asking price when bidders fight for your home.

To find out how much your home is worth call any Nothnagle agent or call 899-MOVE today.

Welcome!

Welcome to the new Nothnagle Realtors blog site; we're glad you're here! You will find information about buying and selling homes, plus insight into the Greater Rochester market and the most up to date trends. Feel free to post comments or ask questions.

A Message from the Chairman of the Board
It has been our distinct pleasure to serve the real estate needs of the Rochester area for almost 60 years. We are honored to share our insights and experiences with you because without you Nothnagle Realtors wouldn’t be the most trusted name in local real estate.
~Philip Nothnagle