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A CMA or Comparative Market Analysis Is a deep analysis of the market, and sold properties similar to your home in your area. These reports are used to help determine the price of your home and what they market is currently supporting for homes similar to yours. This will help you determine what top dollar for your home should be.
Sometimes there is a difference between what you think the home is worth and the actual value. You want to make sure that your home is priced correctly from the beginning. An overpriced home will have a negative impact on your house and its ability to sell. A detailed CMA helps you determine the value of your based on facts and information about the neighborhood recent sales and other information.
A CMA will be done for you by your real estate agent at no cost to you. This is a comprehensive report that involves the agent researching market data and gathering information. The agent will be researching home similar to yours in your area that have recently sold, are currently on the market, ones that are under contract as well as properties that expired or didn't sell. A Good agent will pull homes that are similar in square footage, features and lots size and condition to your home. Keep in mind none of the ones they pull will be identical to your home but a good agent will be able to adjust these prices to show comparable values. For example, if your home has a 3 car garage and the sold property has only a 1 or two car garage will have its value adjusted to reflect that difference.
Picking the wrong properties for a CMA will creates the wrong price range for your home. Your listing agent will share their comparables. Things looked at include:
Some of the features your home has that you may think add value, may not add any value to the property, and in some cases could be considered to detract from the value to some buyers. The best example of this is a swimming pool. While you may love your pool and think it adds value to your property, it may be a turn off to some buyers who don't want the added expense or maintenance that comes with it.
Pricing your home correctly, right from the start is key in making sure that you get your home sold for top dollar, in the shortest amount of time, so you can achieve your goals.
A good CMA from an quality agent will show you the data you need to make smart decisions regarding the sale of your property. You will have the data for how long homes like your take to sell, what price they close at and how many other homes like yours are on the market. All of this information will help you decided with the guidance of your real estate agent how you should approach the selling price of your home.
Reach out to an agent.
