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Have you heard the real estate term 'CMA' and wondered what it was? It's an abbreviation for comparative market analysis. If you are selling your home, deciding how much to ask can be difficult. Likewise, choosing how much to offer for the home is crucial when you are buying. Whichever side of the real estate transaction you are on, getting this wrong could cost you thousands of dollars. When selling your home, having an appropriate listing price is crucial. When you're buying, you want to be able to know what would be considered a competitive offer. A fair price in
When you are selling a home, there are few things more important than pricing the properly accurately. If you get that wrong, your home will languish on the market.
Increasing days on the market are one of the things that can cut into a seller's profits. The way to overcome incorrect pricing is to get a competitive market analysis from a top agent in the local market.
The CMA will look closely at the most recent sales that are similar to the subject property. There will also be some analysis given to pending sales and properties that are currently listed. The most significant information will be what's sold. It will receive the highest weight in determining proper pricing.
Look at the analysis through the eyes of the buyer. Take your emotions out of the pricing process.
You don't want just any agent but someone who has a track record of success at pricing homes. The agent should rarely ever have to reduce the price of their properties. A price reduction is a pricing mistake!
Never take for granted what different agents do to get their clients the most money. Just like other industries, some shine and some don't.