A comparative market analysis (CMA) is a report that estimates your home’s value by comparing it to similar properties that have recently sold.
Online home evaluations are quick and easy but they aren’t very accurate as they don’t take the finer details into account. It’s better to have an agent do a quick walkthrough so they can see your home firsthand.
The CMA report, which is usually complimentary and comes with no obligation, is essential to setting a competitive asking price. The right price is crucial to achieving a successful sale and is also helpful during negotiations as concrete facts will help justify your asking price.
In addition to homes that have recently sold in your area, your agent will research current homes on the market as well as homes that didn’t sell. It’s important to compare homes that are similar in style, square footage, etc. and to adjust for factors such as finished basements, double car garages and overall condition.
You don’t have to necessarily be ready to sell your home to receive a CMA. If you’re thinking about renovating your home for instance, your agent can provide you with an idea of how much value certain renovations will add to your home so that you can confidently move forward knowing the facts.
Please get in touch if you’re interested in a CMA to help give you a better idea of what your home’s currently worth. This will in turn help you get top dollar should you decide to sell as incorrectly pricing your home is a mistake that could end up costing you thousands of dollars and months of frustration.