6 Questions Home Sellers Have About A Comparative Market Analysis
Before listing, home sellers will often receive what’s known as a Comparative Market Analysis. While foreign to some, this report is actually one of the most important tools your real estate broker has to offer.
But don’t panic if you’ve never heard of it before and are looking to list your home, we’re here to answer all your CMA questions.
First thing’s first. What is a Comparative Market Analysis (CMA)?
When working with sellers to determine a listing price (or with buyers to help formulate an offer) your real estate professional will perform a Comparative Market Analysis, or CMA.
This report evaluates a home alongside other properties – closed, active and pending “comparables” – taking into account variables like location, property features, market times, and price changes.
In Property Brothers terms, this means your broker will be helping you look at the neighborhood “comps” so that you can price your home correctly right out of the gate.
Why do I need a Comparative Market Analysis?
The highest volume of potential buyers sees your home within days of it hitting the market. If your home is priced incorrectly right off the bat, you’ve missed a huge pool of buyers.
With the CMA, you’ll have the information you need to arrive at the right listing price and expose your property to the highest number of buyers likely to purchase it. Aka, it helps get your house sold — hopefully for the highest possible price in the shortest amount of time.
How do I get a Comparative Market Analysis?
The traditional way for you, the seller, to view your CMA is through a paper handout from your broker.
This prepared CMA is fine and dandy at the moment but comes with a burden. What if a new home is listed near you tomorrow? And what if you need that information right now?
The reality is that real estate markets are constantly changing, so it’s essential to have analytic resources that can change with the market too
So how do I get the most up-to-date information?
You’re in luck! @properties saw that the traditional CMA most brokers still use today is very antiquated and felt it was ripe for innovation.
That’s why we developed our exclusive, digital Comparative Market Analysis – an interactive tool that is up-to-the-minute accurate, using real-time data from the local Multiple Listing Service.
What will my digital Comparative Market Analysis include?
Your report, customized for you, will include:
- An overview of your home
- Active, pending, and sold listings that resemble your home
- Key property information
- The latest market trends
- A complete pricing analysis
- E-mail alerts with info on newly-listed properties as well as status changes to current listings
- And more!
What’s the best thing about @properties’ digital CMA?
Where do we begin! It’s completely customizable and can be accessed on the fly from a smartphone or tablet, putting the power to view your CMA entirely at your fingertips.
Best of all, the digital Comparative Market Analysis is entirely interactive so you can not only communicate with your broker directly through the platform, but also adjust search parameters and add more comps to the report as you go.