What is a Comparative Market Analysis?
What is a Comparative Market Analysis?
A Comparative Market Analysis (CMA) is an in-depth study that compares the price tags of similar properties on the market and recent property sales records. The goal of a CMA is to find an accurate range of what your home is worth. Your real estate agent will complete a CMA for you since it’s the best way to price your home to sell and make certain you get top dollar.
Why Do a CMA?
How Much Does it Cost?
The Right Comparables are Important
Picking the wrong comparables creates the wrong price range. Your listing agent will share their comparables. Things looked at include:
CMA Basics to Remember
Some things about the property may not have the selling value that you might think it has. For example, properties with a pool might be nice for those buyers who want a pool but actually may work against you for buyers who don’t want the work or have small children. This is a feature that probably does not add the value of what it cost you to install.
Once you have the CMA in hand you can see how similar properties were priced, how long it took them to sell and what the final contracted price was. You can also see what your competition is with similar homes for sale. This is how your real estate agent will determine what offering price you should consider.
Remember, pricing correctly from the day your home hits the market is the smartest way to sell in a reasonable amount of time and at the right price.