When it comes to our home, we always want top dollar for it. Whether we’ve had unforgettable memories inside or put a lot of work into renovations, we feel we deserves what right for our home. However, as real estate markets constantly, home values rise and fall. You may feel you deserve a couple million for your property, but compared to other homes, real estate in the area may not be selling for that much.
The price is how you attract and gain buyers’ interest. It’s how you catch the eye of other agents and convince them that your home is a great opportunity for a new family. With a comparative market analysis (CMA), you can get a quick snapshot of what others homes in the area have sold for. You can catch a glimpse of buyers’ behaviors. With a CMA, you can get a good feel for which price point you should list your home at in La Jolla, CA.
How Does a CMA Help Determine the Right Listing Price?
A CMA can be very helpful when it comes to selling a home in a quick and efficient manner. If you have your home listed too high, you may have to withdraw the listing for a while until the market is in your favor, or adjust your price altogether in order to make a sale, If your price is too low, then there is a possibility that you will not end up getting the best value for your property even if you were able to complete a fast sell. A CMA report can help you avoid these challenges and will instruct you on what is considered to be a fair price for your home.
A CMA can vary in detail and will include sale information for homes in your area that are comparable to your own. This information can provide first time home sellers with the confidence and reassurance that they need in order to decide on a reasonable price that will attract serious buyers.
What is Included in a CMA Report?
The information in a CMA can vary from one report to the next, but generally all CMA reports will include the following:
- Active Property Listings in your targeted area
- Pending Home Sales
- Sold Home Listings
- Seller’s Remorse or Properties that have been taken off the market
- Overpriced and Withdrawn listings
- Comparisons to Similar Properties to your own
- Age of Construction for similar properties
- General Condition of Homes listed
- Location of Homes
Using the CMA to Sell Your Home
Pricing your home can be a challenge even if you have placed a former home on the market in the past. There are no two homes that are exactly alike and no two properties that will be worth the same amount of money. You may have a good idea of what your home is worth, and you may also have an idea of what you want to get out of your home when it sales. These two numbers will often vary as one is closer to a realistic price while the other can be very unrealistic and unfair to buyers.
By using the information found in a CMA report, sellers are able to see first-hand how the real estate market is doing in their local area. This allows them to compare the price of other homes that are similar to their own and price their home accordingly. If you can afford to price your home a couple hundred or thousand dollars less than another similar home in your neighborhood, this will catch the attention of potential buyers and help you to make a quick sale for the right price.