Comparing sales of existing homes and how those comparably affect the offer price is called a Comparative Market Analysis, or CMA. Home pricing is the most important factor to consider in order to sell your home quickly and easily. The usual mistake the seller makes is that their asking price is way too high. You cannot fool the market. It is best to price your real estate right because if you overprice it and it stays on the market for a long time, buyers will lose interest and think it has not sold because something is wrong with it. Plus, other homes in your area similar to yours may sell at a more realistic price. Pricing your home correctly will save you a lot of time and frustration. Generally, most of the best and highest offers come during the first few weeks when the most potential buyers view a home. It is best to talk to your real estate agent so he will be able to give you a reasonable asking price through Comparative Market Analysis, or CMA for free.
Also known as CMA, a Comparative Market Analysis is a listing of recent home sales, pending sales, and current listings of similar properties in a given area, used as a basis for determining the fair market value of a property. A seller can research this himself by checking public records through the local recorder or assessor’s office, through private real estate information, or the Internet. It can also be done by a real estate agent for free. A number of factors are taken into consideration when preparing a CMA – square footage, age, number of bedrooms and baths, condition, location, and amenities.
Your Realtor will use the Comparative Market Analysis, or CMA, to Market Your Home
Using the Comparative Market Analysis your real estate agent will make a marketing plan for your property based on other information about the current market, recent sales in the area, how many homes have been sold in that area, how long they were in the market before they sold, and selling time. After this has been done, the real estate agent and the seller can decide on an appropriate price for the property. Keep in mind: It is important that you price your home right.
Prevent your home from becoming an expired listing. A Comparative Market Analysis, or CMA, will give you a realistic pricing decision and the odds are you will sell your home fast and in the price you asked for.