Why No Two CMAs Are Alike

Dated: 07/12/2017

Views: 147

Determining the value of your home

Whether you’re a buyer or seller, your agent will prepare a comparative market analysis(CMA) based on similar homes within a given search area, using size, age, features, condition and location, whether the homes have sold recently and which are currently on the market.

Buyers use CMAs to help them make offers while sellers use CMAs to help them price their homes for sale or to adjust the price. As soon as a home sells or a new home comes on the market, the previous CMA is no longer relevant and your agent can generate a new one for you.

Prices may vary widely - even between identical homes. One property may offer better drive-up appeal or more extensive updates. CMAs differ widely by search perimeters like number of bedrooms, views, swimming pools, or a broader search area.

There’s no knowing why a seller undersells or a buyer overpays. Family pressures,corporate relocations, and other reasons won’t be in the CMA. Instead, consider how quickly homes are selling, whether they sold for list price or above, or whether homes are experiencing price reductions. Your agent will explain how home sales are trending and what strategies may work best for you.

Contact Berkshire Hathaway HomeServices Select Realty to learn more about properly pricing and preparing your home for a successful sale.

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Dan Lesher

After 15 years in sales, Dan Lesher began his career in real estate in 1997 with the goal of providing superior customer service, inspired by his own experience with lackluster real estate agents. Ove....

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