A Comparative Market Analysis (CMA) provided by your real estate agent is the good way of getting the most accurate estimate of how much you should list your property for. It is an informal estimate of market value, based on sales of comparable properties in your area. It generally takes into account various aspects of your home, including size, features, annual costs and reviewing comparable homes sold within the past year.
Most real estate agents will give you a CMA for FREE, hoping you’ll list your home with them. It includes valuable information on several recent sales such as how long each property stayed on the market, the difference between sale price and the asking price, comparison of notes on basic details like the number of bedrooms, bathrooms, square footage, amenities , year built, property taxes and more.
The CMA is an informative selling tool, but like any tool, it doesn’t work by itself. For this reason, the CMA will always need to be interpreted by a professional or with complete objectivity by the seller or buyer.
Remember, too, that the CMA is also a buying tool; it is considered just as seriously by the buyer and his or her agent. As you and your agent are going to use the CMA to ask the highest possible price for your home, the buyer is going to use it to find reasons to either choose or eliminate your home, and to arrive at the lowest price possible.
Finally, sellers must protect themselves and their home. Remember never to allow random house-hunters into your home unescorted. A serious buyer will be working with a real estate professional or should be willing to contact your agent to schedule an appointment. Also, always lock your valuables away before an open house – the agent onsite will be monitoring traffic, but it’s impossible to be everywhere at all times.
Written by Olga Mayayeva, is NYS Licensed Associate Real Estate Broker at Exit Kingdom Realty. Visit her at http://www.realtorolga.com/
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Categories: Real Estate Advise for Sellers