When it comes time to sell, one of the hardest things to determine is the listing price. So how do you come up with a number that isn’t so low it leaves money on the table, but also not so high that your home never sells? That’s where a comparative market analysis (CMA) comes into play.
Real estate agents are experts in creating CMA’s based on your home’s value and recently sold, similar properties in the surrounding area. These reports help set a fair listing price for sellers and generate competitive offers from buyers.
Here’s a rundown of the basic steps:
1. Evaluate the neighborhood.
2. Gather details about the subject property.
3. Select comps.
4. Adjust for differences.
5. Determine the sold price per square foot after adjustments.
Ready to figure out the “best” price for your home? I’d love to create a comparative market analysis for you!