If you’re planning on selling your home you may have heard the term CMA, and upon hearing it may be left wondering if it’s something that you need to sell your home. First and foremost, you need to understand what a CMA is to help determine if it is something you should utilize in the selling process. CMA is short for a “Competitive Market Analysis,” and this analysis is used to help create an accurate value of your home for your specific area.
To generate this analysis, your real estate agent will be looking into the recently sold homes in your area, pending properties, comparable homes, etc. all within your immediate location to get an accurate idea of the market that relates best to your property. Once compiling this information your agent can then get your home valuation based on the variables within your area. While not all agents will perform this service, it is a great tool to use in successfully pricing your home. If your agent doesn’t plan on providing a CMA, try asking them if it’s a service they can provide as it gives you a great base plan to price your home.
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So, What Exactly is Considered in Creating a CMA?
- Your exact address
- Addresses of nearby/comparable properties
- All listing information of comparable homes including specific or unique characteristics
- Sold prices of comparable homes
- Square footage of all comparable properties
- Dollar per square foot value in the area
- Homeowner to renter ratios
- Quality of the houses and properties
- Curb appeal
- Proximity to schools, shopping, dining, and amenities
- School districts, proximity to schools and zoned school ratings
The best part of creating a CMA for your property is that it helps open your eyes to the true value of your property before you decide on a list price. This helps take out any guess work or over evaluation notions. Looking at all the different factors that go into creating a comparative market report will not only give you a more accurate valuation of your home based on its size and features, but also the value that is appropriate for your specific area. The locational value is vital as the same home in a nearby location could be listed at a far different price due to the differences in neighborhoods, proximity to amenities, etc.
Related: Why Homeowners are Choosing to Sell and Then Becoming Renters
If you’re currently searching for a new home, are ready to sell your home and need a qualified seller’s agent to assist you, or if you have any further questions regarding New York Real Estate, please feel free to contact our office at any time.