We’ve said it before and we’ll say it again: setting the right listing price (the first time!) is one of the keys to faster market times and higher selling prices.
The proof is in the numbers. In 2017, Chicago-area homes that required one or more price changes sold on average for 89.7% of original list price in 138 days, whereas homes that did not require a price change sold for 97.5% of original list price in just 58 days.
So, if you’re getting ready to put your home on the market, how can you be sure to land on the right asking price? That’s where a Comparative Market Analysis (CMA) comes into play.
A CMA is one of the most important tools a real estate broker offers. It evaluates a home alongside other properties – closed, active and pending comparables or “comps” – taking into account variables like location, property features, market times and price changes. This allows us to accurately gauge pricing and market activity where it matters most in real estate – on a hyper-local level.
A broker will not only prepare a CMA for a seller in order to determine the appropriate listing price, but also for a buyer to help make an offer on a property.
At @properties, we recently launched our very own interactive CMA – the first continuously updating CMA platform in the Chicago real estate market. Unlike a traditional, static CMA (read: paper!), this new technology is up-to-the-minute accurate, using real-time data from the local Multiple Listing Service. Better yet, it’s completely customizable and can be accessed on the fly from a smart phone or tablet.
Watch the video below, and read more about the interactive CMA on Inman News.
If you’re thinking about selling your home, or want to get a sense of current values to make an offer, click here to receive your interactive CMA.