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3 Reasons Why a CMA Sells Your Home
When it comes to selling a home, few things are more important than setting the right listing price. Arriving at the perfect not-too-high, not-too-low number isn't easy, which is where a Comparative Market Analysis (CMA) comes in. Our REALTORS® have learned that a CMA is the best way to land at the perfect price.
Setting the Right Price
Asking the wrong price (and then having to correct it later) can be incredibly detrimental to the prospects of selling your home. A recent study, conducted in the Chicago area, showed that homes requiring a price change took an average of 138 days to sell, and sold for 89.7% of the original list price. In contrast, homes that did not require a price change sold in just 58 days and for an average of 97.5% of original list price.
So, setting the right price is clearly important, but how do you get there? A CMA evaluates your home in comparison with other properties (including those that are closed, active and pending sale) while taking into account a wide range of variables, such as property features, location, price changes and the amount of time spent on the market. Running a CMA allows us to zero in on the price your home should sell for, on a local level.
The Benefits of a CMA
In a nutshell, running a CMA on your property gives you a frame of reference, allowing you to set a price based on an in-depth comparison with properties that are similar to yours. This helps you in three ways:
- Get valuable market insight. Although things can shift at any time, the current housing market tends to favor the seller. That said, pricing your home right is still important, as is understanding how other homes are selling in your area. A detailed CMA includes information on listings that are currently active in your market, as well as homes that have sold in recent months, and expired listings that failed to sell. This all paints a picture of what types of homes sell, and for how much.
- Price your home to sell quickly, or slowly. When your real estate agent runs a CMA, you will get an upper and lower limit of what your home can reasonably be expected to sell for. This gives you options. If you're motivated to sell in a hurry, you may decide to price your home near the lower end of this range, but rolling the dice and asking a higher price is also an option if you want to hold out for more.
- Understand buyer behavior. For each home listed in your CMA, you will be able to see the number of days it spent on the market, as well as the asking price and the final selling price. By comparing the asking price with the sale price, and considering how long it took for a home to sell, you get an idea as to how interested buyers actually are in buying, and how much they are willing (or able) to pay in your area. This information is all important as you decide how to price your home
Contact us today to learn more about setting the price for your home, and ask our team to run a Comparative Market Analysis to help you arrive at the right price. We are committed to selling your home at a price that works for you.