Comparable Market Analysis
Pricing your home correctly is the critical component of a successful sale. To set the most realistic selling price for your home, Bowen Agency Realtors will do a complementary comparable market analysis (CMA). A CMA is a means used by real estate agents, prior to listing, to determine as accurately as possible, the value of your property in today’s market. The CMA provides a comparison of your home to similar homes that are either currently listed for sale or that have been recently sold.
As the first step, a Bowen sales agent will inspect your property. Your home does not have to have a perfect “ready to show” appearance for our agent to assess the condition. However, the condition of the property does affect price, so let us know if you plan to make any changes. We will make recommendations or suggest small improvements to maximize the value of your home.
We next research and identify comparable sale properties in your local area. Our primary source of information is the Multiple Listing Service (MLS), a data base of listings and information shared by real estate professionals. The data we look at includes:
- Properties that have recently sold and closed
- Active listings
- Pending sales
- Expired listings
We also consider the properties that we are aware of that are not listed with the MLS, such as “For Sale By Owner” properties.
The CMA is presented in a detailed report, which includes our projected selling price and a complete description of the comparable properties we used to derive that price. The suggested selling price is often presented in a range, with some adjustments for property differences such as size, features, age, or condition. A CMA is a subjective estimate of a home’s value in comparison to similar homes under current market conditions. It is important to note that a comparable market analysis is not an appraisal and will not substitute for an appraisal performed by an independent professional.
If you are considering selling your home, contact Bowen Agency Realtors for a free comparable market analysis.