CMA stands for Comparative Market Analysis. This is used to arrive at the appropriate list price. You’re Agent will gather data and provide you with a price range in what you can expect your home to sell at a given time. As the seller, you will provide the actual number you allow us to market the property for.
How do we determine the proper range? We are going to look at the following details for the subject property:
Location, condition, home style, Bedrooms, bathrooms, lot size and square footage.
We will want to find at least 3 comparable sales within the last 180 days. Which means they are the same or very close to the details of the subject property. We will look at how long they were on the market and what they sold for. We are also going to look at expired listing to see what not to price your home at, pending properties to show us what your property could sell for, and active listings to see what our competition is.
Be weary of agents who will list the property at whatever price you want, not providing the proper data to support that price. This will not only allow your property to sit on the market for months on end where you keep dropping the price, but this will allow the agent to pick up multiple buyers during that time and not spend time marketing your property in a way to sell it.
CMA’s are not appraisals and are prepared at no cost by a Real Estate Agent.