Any real estate professional wanting to list your home should come prepared with a current market analysis. A quality CMA should include the following:
A summary of trends in the local area, including current real estate activity
A description of your property, including basic property characteristics
Market Analysis – this is the central part of the CMA, and should include comparisons with other property sales and pending sales in your area. Each of these properties is compared based upon the quality of the home and its condition.
Any unusual sale prices will be factored in. An unusually high or low sale price can be motivated by either buyer or seller, and can be affected by a number of factors. These are considered in an accurate CMA.
Current market conditions are an important factor. Perhaps the present market is definitely a ”buyer’s” market, with many properties listed. Or it may be a “seller’s” market, with a very limited number of homes available for sale. The length of time for recent sales will be considered, along with any discounts that have been offered, where a seller has substantially reduced the sale price of the home.
Once these factors have been assembled and analyzed, the CMA will present typically present three different options: (1) The most likely selling price, (2) the price for a seller who is anxious, and must sell as soon as possible, and (3) the price for a seller who is willing to wait for the optimum buyer.
A quality CMA will be invaluable in helping you and your listing agent determine the best possible price for the sale of your home.
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