These terms will give you the understanding necessary when determining your home’s current market value [CMV].

Undoubtedly, the best way to determine your home’s current market value is to have a licensed real estate agent provide you with a market analysis, which many agents will offer free of charge.

But when it comes time to sell, the agent will want to conduct a Comparative Market Analysis (CMA).

Some of the large platforms may suggest a valuation, but they are not very accurate when it comes down to an individual property.

The market value of your home is based on evaluation of recently sold homes in your neighborhood and factors in your home’s age, condition, features, and plot size.

Days on Market (DOM) – The number of days a property has been listed on the market. A higher DOM can signal an unrealistic sales price.

Inventory – The number of homes for sale on the Multiple Listing Service (MLS). A small inventory indicates a high demand; therefore, higher prices.

Buyer’s Market – Occurs when sales slow and inventory accumulates. This market is characterized by high DOM and falling sales prices, giving buyers greater opportunities.

Balanced Market – Usually a transitional phase between a Seller’s and Buyer’s Market when neither party has an advantage over the other.

Seller’s Market – A real estate market characterized by small inventories and short DOM. It’s common for multiple offers to be made on properties, sometimes exceeding the list price.

Median Sales Price – The midpoint between the most expensive house and least expensive house sold in an area during a specific time.

Percent of Price Received – The difference, usually expressed as a percentage, between the initial list price for a home and the final sales price.

If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.

Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.

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