Taking part in a real estate transaction, especially for first-timers, is a jump into the deep end. There’s an endless amount of new information to absorb in order to be successful, but one arguably stands above in terms of importance. The CMA, or comparative market analysis, for short, is somethign you may have heard of before and have a passing understanding of, which can be a big help in and of itself. A CMA is a valuation of your home based on a lot of factors, the number of beds and baths, the age, the construction, the style, the amenities, and the area itself. This includes schools and HOAs as well.
Using this, data is created to price a home accurately, and gives agents a true value to use asd a jumping off point that is weighed against the current market and their personal knowledge. If this sounds like less of a science and more of an art, you’d be right, there are far too many mercurial factors at play to arrive at the exact right price for a home, that perfect number doesn’t exist, and can change rapidly. Despite that, it’s important to find the right number for you, your area, and your home, as pricing too high or low can be harmful. A home priced too high will spend longer on the market than necessary, a home priced too low leaves proverbial money on the table.
When setting a price, a seller can be led astray by plenty of factors, whether it be their understanding of the market, what their friend just sold a house for, even their own opinion of their home value. However, putting a home on the market is a costly endeavor, and the longer it stays on the more money and stress you’ll be building up. It’s important to have a great strategy laid out prior to putting your home on the market so you can move swiftly, and setting the price correctly is a cruical step toward that.
The right agent will utilize CMAs to properly evaluate homes, along with other market-standard tools in order to get as close to that perfect price as possible. It’s a different set of tools for each agent, they’ll have preferences that make their processes unique, and mine is tried, tested, and true for maximum success. Partner with me to maximize your profits, at maximum efficiency!