Selling a home can sometimes be difficult, depending on the home and the current real estate market, but it is usually easier to do if you list your home through a real estate agency. When you do this, the agent you hire will help you set an asking price for the home, and this is one of the trickiest yet most important steps in the process of listing a home. To determine the right asking price, the agent may offer you a comparative market analysis (CMA) of your home, and here are a few things to know about this.
What is a CMA?
A CMA is a detailed report that states what the current value of your home is according to research and current statistics. This report is something a real estate agent will do for you before you meet for the first time. The agent will bring it along to your home, and he or she will explain it to you and the details in it.
How do agents create CMAs?
To create a CMA, the agent will look up facts relating to your home, such as location, size, and number of bedrooms. The agent will then look up comparable homes, also called comps, in your area that were listed on the real estate market and were sold recently. The comps used in your analysis should be homes that have sold within the last three months. The point of this is having the ability to compare your home to the current real estate market. When an agent does this, he or she is able to get a clear idea as to how much your home could sell for if you list it.
What can you learn from this?
The main point of a CMA is to help you set the asking price of your house correctly for the current real estate market, but that is not the only thing you can learn from the report. You can also learn how much the owners of the comps were asking for their homes and the actual prices the homes were sold for. In addition, you can learn how many days each of these homes was listed on the market before selling.
Once you have this report and meet with a real estate agent, you can decide whether to list your home or not and the asking price to put on the house. If you would like more information about selling your home, contact an agent in your city today.