You’ve loved your home for a while now, and you’ve decided that it’s time to move on (and out) and list it. One of the most important steps that happen early in the process is having a Current Market Analysis (CMA) completed for your home. This process is beneficial to being successful within the market, so it’s important to understand what exactly a CMA is and how having it is actually an asset and for your advantage.
What makes a Current Market Analysis (CMA)?
A CMA is a tool to assist in pricing your home. Though this does not replace an appraisal, it will still assist you in understanding what your home is currently worth. A CMA looks at comparable properties that have been sold within the last six months. What makes a property comparable are a few things; the size of the property, the neighborhood (either in the same or a similar one), the number and bed and bathrooms it has, as well as features, upgrades, and the overall condition (Ference, 2019).
Every house has characteristics that make it unique and will factor into CMA and the appraisal price. The condition of your home, renovations and upgrades that made it perfect for you are considered during the CMA. This process allows for your realtor to identify where your home should be listed at to benefit you the most.
How to Use CMA
Now that you have your CMA and understand how you arrived at a suggested price, it’s time to make all this information work to your advantage. A well-priced house is crucial to being successful in the market. This can lead to more interest in the property and more viewings as potential buyers feel as though they’re getting more value (Mastroeni, 2019). By pricing your house right, not only will it sell quickly, and will sell for top dollar as well. Talk to Jim Grieve today and see what your CMA could be.
Ference, Audrey. “What is a Comparative Market Analysis? CMA Explained.” https://www.realtor.com/advice/sell/understanding-the-comparative-market-analysis/ (2019)
Mastroeni, Tara. “What is a Comparative Market Analysis and How You Can Use One to Sell Your Home.” https://www.forbes.com/sites/taramastroeni/2019/12/19/what-is-a-comparative-market-analysis-and-how-you-can-use-one-to-help-sell-your-home/#68292cb2118f