When your home is priced right from the beginning, homeowners achieve better outcomes. A Comparative Market Analysis (CMA) is essential to determine the best list price for your home. Location and characteristics of the property are key elements. Therefore, comparing similar properties in your area is the place to start.
The market analysis takes into account the amount received from recent sales of comparable properties and the quantity and quality of comparable properties currently on the market. The desired end result is to find a price that will attract a willing and able buyer in a reasonable amount of time.
Once similar properties have been compared, we’ll review the CMA report with you and help you to decide on an offering price that will achieve your goals. Bear in mind that most buyers will finance their home purchase and that their bank will require an appraisal of your property as a step in the loan process. A certified appraiser uses comparable properties to estimate the market value of your home and support the buyer’s loan approval. Generally, the price should not exceed more than 5% of the market value or potential buyers may not even make offers. If you want to sell quickly, your asking price should be very near the lower end of the CMA’s determined list price range.