What is a CMA?

Realtors use this term loosely, yet the power behind it is what separates those whom sell their house fast to those who list for a long time!

CMA = Comparative market Analysis

If you want to sell your home, it’s not so easy and it’s certainly not simple – especially in today’s market.  But, a home that is priced right will sell!  Every day we have homes closing – so the truth to this is factual and can be supported (even with the bad news you hear on TV).

The value of your home is much more difficult to predict and the information available to home sellers can be untrustworthy. Online home valuation sites are fun to play with, but they are based on past sales, not current market factors. Newspaper listings give you some information, but houses are usually so different that it’s hard to compare.

The best method available to home sellers to learn their home’s current value so they can select the best sale price is a CMA, or Comparative Market Analysis. CMA is the term real estate agents use when they conduct an in-depth analysis of a home’s worth in today’s market.

The best part about a CMA is that it’s FREE!

Why get a CMA?
If you don’t get a CMA before you list your home you might try to sell it for the wrong price. Setting the price too low means you’ll get less money for your home; setting it too high means it might not sell at all!

How is a CMA prepared?
First, a walk through your home is required. The home does not have to be in perfect condition, however, property condition does affect price.  If you plan to do work on the property, let me know and we should discuss.  READ this article about 5 Improvements NOT to do before Selling your Home.

Second, I will take back the information about your home and conduct research about comparable properties in the area, using a real estate industry resource called the Multiple Listing Service (MLS). This includes:

• Properties that have sold and closed within the last 6 months
• Active listings – properties currently for sale
• Pending sales – listings that have sold but not yet closed
• Expired listings – properties that did not sell during the listing period
• In addition, we will look at tax basis, how long homes were on the market before they sold, competition, and other factors to help determine the price range for your home.

The Big Question… what is my home worth???
Don’t be surprised if a CMA results in a price range rather than a set price, particularly in our market where there are price differences due to property size, age, architectural style or physical condition.

What can you expect to see in a CMA?
A completed CMA is presented in the form of a report, which includes the selling price, detailed information about your home, and the comparable properties that were researched to determine its value.

A CMA is not an appraisal.
A real estate appraisal is a comprehensive evaluation performed by an independent professional appraiser. With a CMA, I will use my experience in the business and familiarity with the local area to evaluate your home.  Typically, an appraiser uses the same data to come up with price evaluations as I do!

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