When you are ready to sell your home you can choose to do so on your own or with the assistance of a Realtor. When you choose to work with a Realtor, you get direct help and input in selling your home. Real estate agents are here to help you understand the process and ensure you get the best deal for your home. There are many tools that we have access to that are designed to give our clients the extra edge when it comes to listing a home on the market. One of these tools is a Comparative Market Analysis report, commonly known as a CMA. This report pulls data specific to your home and neighborhood and compares it to other houses that have been sold recently, or are listed in your area. This is great way to gauge what the list price should be for your home based on sales figures and current market trends.
While a CMA will provide you with a snapshot of what other homes are selling for nearby, the reports are also subjective as any agent putting these reports together will designate what data is used for them. There are certain criteria that will make a CMA more accurate and meaningful for what you are trying to do, sell your home. If you are searching for a new Realtor, this could be a good starting point to determine if an agent has your best interests in mind. If they understand what pertinent data will actually help you, together you can come up with a list price that will encourage more potential buyers to view your home. A detailed CMA report should include a comparison of offer pattern (what is the average number of offers given, and for how much, to homes similar to yours), property condition inside and out, the same number of bedrooms, bathrooms, and levels, as well as similar in size as your home. The location or street should also be similar. If you live on a quiet street getting a CMA of homes from busier locations won’t be as accurate. Your CMA should also cover homes within your neighborhood, not your zip code, which have different boarders. Using your neighborhood as a criteria will help get more specific in the comparison.
A good CMA will help you avoid pricing too low or high. You will get a price range based on the analysis so that you have the final say of what you want to list your home for. Beware that some agents seek to get as high a list price as possible. This is not always a good thing, especially if a CMA shows a trend for a lower amount than what is suggested. Pricing too high can keep potential buyers away if the price is too far from what the neighborhood and home style is currently trending in the market. Pricing too low can have negative impacts as well, it could make potential buyers feel you are desperate and that will make them wonder what is wrong with the house. Listing within the midrange of what a detailed and well thought out CMA provides can give you the extra edge to gain more viewings and offers.
Along with asking for a CMA from prospective Realtors, check out their sale portfolio, where you can see what they have sold, the differences between list and sale prices and how long it takes houses to sell on average. Don’t assume a big corporation will be the best place for you to find the best or most successful agent. Many of the top Realtors in their markets actually go out on their own so they can establish their own best practices. Focus on an agent’s track record and what they provide you in a CMA, which is typically provided free of charge. An agent who provides you with useable, accurate data through a detailed CMA will help you toward a home sale you can be happy with. When you are ready to buy or sell a home, Joseph McCabe at Keller Williams is here to help you with all of your real estate needs! If you are unsure what your options are, call Joe at 215-868-6379 or email at joseph.mccabe92@kw.com. You can also visit us at our website for available listings and additional information.
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