A CMA Contains Valuable Information On Recent Sales, Including:
- How long each property stayed on the market.
- How close the sale price was to the asking price.
- Notes comparing each home to yours – number of bedrooms and baths, approximate square footage, sizes of major rooms, amenities such as fireplaces and pools, age of the home, property taxes and more.
To get an estimate of how much you should list your property for, you can request a Comparative Market Analysis (CMA). A CMA is an informal estimate of market value, based on sales of comparable properties in your area. It generally takes into account various aspects of your home, including size, features, and annual costs. Reviewing comparable homes that have sold within the past year, along with the listing or asking price on current homes for sale, should help you determine a fair sale price for your property.
CMAs can include homes that are currently for sale and those which have recently sold. They can cover areas as narrow as one or two streets surrounding your home, or as broad as an entire subdivision.
The CMA is an informative tool, but like any tool, it doesn’t work by itself. For this reason, the CMA will always need to be interpreted by a professional.
Remember, too, that Comparative Market Analysis is also used as a buying tool; real estate agents will typically share CMA reports with their clients as they consider buying homes in an area or neighborhood. Just as you can use the CMA to ask the highest possible price for your home, buyers can use it to roughly determine if your home is being listed at a fair market value.
Price It Right
When it comes time to sell your home, pricing it correctly is essential. Overpricing can be a costly mistake that discourages buyers and ultimately slows down the selling process. Buyers will compare your home to others in the same price range, and an overpriced property can make them view other homes as a better value. This can result in fewer potential buyers, causing your home to sit on the market longer. The longer your home is on the market, the more likely buyers are to think there’s something wrong with it!
Avoid the “price high then drop” strategy, which can make buyers believe that there are flaws in the home or that you are desperate to sell. If you accept a bid at an inflated price, your buyer may face financing issues because an overpriced home will not appraise for the selling price.
To avoid these issues, consult with a real estate professional who can help you determine the true market value based on a comparative market analysis. Working with your professional, you can price your home correctly and create a strategic marketing plan that generates excitement from the beginning.
Sellers: Protect Yourself And Your Home
To ensure your safety and security, it’s important not to allow unescorted strangers into your home during the selling process. Legitimate buyers will typically work with a real estate agent and schedule an appointment to view your property. Additionally, it’s wise to secure any valuable items in a safe location before hosting an open house, as it can be challenging to keep track of everyone who enters your home.
Talk with an agent about getting a CMA by calling 757-466-1009!
Receive a custom evaluation for your home, including comparisons to other homes that have recently sold or are on the market. This guarantees you receive the most accurate information available. To find out what your home is worth, click HERE!
