Before you sell your home one of the most common things that your Real Estate Agent is going to do is a Comparable Market Analysis (CMA).
If you’re not familiar with the process involved with a CMA, this article will break down how a Comparable Market Analysis works, and what you can expect from this simple process.
During the process of doing a CMA your Realtor® will review homes which are currently for sale that are similar to yours as well as review homes which have sold recently in your area.
As your agent compiles their Comparable Market Analysis they will also be reviewing homes nearby which are currently for sale, or have sold recently, which have similar comps, amenities and features like: square feet, bedrooms and bathrooms.
Most CMA’s will look back at least 3 months into the past so your agent can give you a good idea for what you should consider pricing your home for.
Why Are CMA’s Important?
A Comparable Market Analysis is important because it gives you and your Real Estate Agent solid data that you can use when deciding on what price to sell your home for.
Many people think that just because the Real Estate market is hot right now, they can sell their home for the highest price, but the reality is that a home is only worth what a buyer is willing to pay and having a reliable Comparable Market Analysis is the best way to come up with the most accurate home price.
Not All Data Is Created Equal
Before your agent does their CMA make sure that they are pulling their data from the MLS because it’s easy to take Real Estate data that you find online at “face value” when in reality most data that you find online is not up to date because it was posted more than 3 months ago.
To learn more about Comparable Analysis, or to view homes for sale, contact Fred Sed Realty today by calling us at (800)921-9231