Before placing a properties on the market FOR SALE, it's is a good idea for the Homeowner to obtain a CMA better known as Comparable Market Analysis.
A Homeowner may receive emails, phone calls from real estate professionals offering a
FREE Comparable Market Analysis , from time to time. This report helps a homeowner, that is thinking of selling their property better determine how other listed active closed under deposit properties are comparing in comparison to theirs.
The CMA is a great tools for a homeowners to use when figuring out:
"what would be a reasonable listing price"
The comparable properties are picked from the most recent real estate activity in the properties' area, the style of the property, the square footage, the amenities, the upgrades, as well as how many bedrooms & baths are in the home.
Also, the comparables on the CMA are usually in the : New, Active, Pending , Sold, Off the Market, Withdrawn, Cancelled and Expired, status on the MLS.
Homeowners should analysis the CMA in a non bias fashion. This could be easier said then done. Homeowner who have lived in the property for many year, raised their family in the home, etc finds themselves having a hard time letting go and accepting the data in the CMA.
The Goals is to:
Compare Apples to Apples and not Apples to Oranges.
If you are working with a Realtor® make sure the agent explains the CMA so that you fully understand, what the data is saying. Look at the comparable in great details.
Homeowners shouldn't take CMA's data lightly.Listing the home, at a price below or above market value may results in the property sitting on the market or attracting a offer that will not be favorable to the homeowner. A property that sits on the market to long usually sells for less and also may get labeled as having a defect, in a potential buyer's eyes.
Taking the time, to study the data on CMA will help the homeowner make decision and prepare to sell the property so that it doesn't sit on the market, day in and day out.
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