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Comparative Market Analysis (CMA)
As part of the listing process, many agents prepare a Comparative
Market Analysis which is known in the industry as a CMA, to help establish a
realistic price range for a home. Although the format varies some what with each
company and from agent to agent, a CMA is basically a written report that
includes:
- A review of 2 to 4 comparable properties in the immediate area that are
currently on the market.
- The number of bedrooms and bathrooms, lot size, architectural style, tax
assessment, number of days on the market, starting price and current asking
price are all indicated.
- A review of comparable property homes currently under contract, with all
available pricing information.
- A review of comparable properties that have closed in the past 6 to 9
months, with final selling price.
The key to remember about a CMA is that, if properly researched,
it will give you the hard numbers necessary to reach a realistic pricing
decision. The price range you get from an agent using CMA may well be lower than
what you get from agents who don't use one, but the odds are strong that your
house will actually sell in the CMA suggested range, rather than at the higher
price. And it will sell quicker because the CMA emphasizes market reality, not
the upper limit price many of us prefer to hear. |
copyright © 2003
Byer's Seek Haven Realty
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