Putting your home on the market? If so, there are a couple of details that can be key to a successful sale: Finding an experienced real estate agent and getting your hands on a comparative market analysis (CMA) to determine an appropriate asking price for your home.
What is a CMA? A recent article on thebalance.com went into great detail on this subject, and we thought we’d share some of the helpful details with you today. Basically, a CMA will provide information on the following:
- Active listings. These are the other homes in your area that are currently for sale, or, in a nutshell, your competition.
- Pending listings. This is a list of formerly active listings that are now under contract but have not closed.
- Sold listings. This is an update on comparable homes that have sold within the past six months. Spend a lot of time looking at these numbers as they will likely determine your home’s current market value.
- Off-market, withdrawn, cancelled listings. These are properties that were taken off the market for any number of reasons, but often for having a price tag that was just too high.
- Expired listings. Most homes that end up in this category were overly priced, not aggressively marketed or in need of major repairs.
To find comparable sales that closely match your home, look for similar square footage, age, amenities and location. Please contact us today for more information.