How To Read A CMA
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A CMA is designed to give sellers a perspective of recent sales and current homes for sale in the area in order to establish a sales price that will attract buyers willing to make an offer. It's important to know that the CMA is not an appraisal. Your CMA should include at least 3 properties similar to yours that have sold and 3 that are for sale. There are cases where unique homes, luxury homes or rual homes need an appraisal to determine a reasonable price range.
The expertise of the real estate agent should guide the seller to a reasonable asking price. Keep in mind the asking price should be set low enough to attract buyers willing to make an offer and high enough to demonstrate the value of the home relative to its competitors. Study the comparable homes provided. Make note of the length of time on the market, the percentage of the last price reduction (if any) and significant feature differences between your home and the comparable home. Thought no two homes are exactly the same, the homes included in the comparable are likely to draw on the same buyer profile, therefore feature differences may or may not effect the asking price.
Do You Know What Buyers Really Want?
Knowing what sellers prefer in your area goes a long way in planning for your sale. It's not enough to set a price that competes with your neighbor's home. It's important to know the buyer preferences for your area. Those preferences effect asking and offer price. Know what is important to buyers in your area and plan any updates and repairs accordingly. Adding a half bathroom in the basement, for example, may be insufficient if buyers desire a full bathroom. On the other hand, adding a full bathroom may be an over improvement if similar homes have unfinished basements without a bathroom. Ask your real estate professional for guideance. They work with buyers on a regular basis in a variety of price points and can give you a good idea of what buyers expect and want in a home like yours.
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