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Home Sellers: Use a CMA to Help Price Your Home
Make Sure Your Home's Sales Price is Competitive
When you decide to sell your home, determining the price is an important step. Our REALTORS® have the expertise and insight to help price your home right, but the process isn't as subjective as you might think. Coming up with a listing price for a property isn't as easy as pulling one out of the air. A lot of information gets considered and the CMA provided by your agent will help make sure the listing price on your home makes both you and your potential buyers happy.
What is a CMA?
CMA stands for Comparative Market Analysis. It's a report generated by a real estate agent that provides data on other Mansfield homes for sale that is similar to yours. The report takes into account lots of variables that influence the selling price of a home, but certain types of information are standard. CMAs include information from active listings, pending listings (houses under contract but haven't closed), sold (comparable) listings, and listings that expired, were canceled, or taken off the market. The most important piece of information in a CMA is the comparable listings. These are the homes similar to yours that have sold in the last three to six months and their selling prices.
- A CMA has better data
Agents use data available from MLS to generate a CMA. Through MLS, agents have access to more in-depth information about properties and the market than buyers or sellers would be able to access on their own. This extra information allows an agent to select homes as similar to yours as possible for comparisons, making the pricing process more accurate.
Additionally, CMAs provide information about the market in your specific neighborhood. The number of days on the market, listing price compared to selling price and pricing that relates to specific neighborhood features can all be useful for accurately pricing your home.
The property will need to be evaluated by an agent in person since there are always factors that just can't be accounted for in a report, but a CMA can be a big help. - A CMA can keep you from pricing your property too high
No seller wants their property to sit on the market for an unusually long time. Buyers will start to wonder why the home hasn't sold and it starts to look less desirable. One of the most common reasons for a listing to expire or be taken off the market is that it was priced too high. Since a CMA looks at these listings too, analysis often shows higher listing prices overall than the houses that are actually selling. This can be an indicator of what the buyers you're likely to encounter just aren't willing to pay. - A CMA can help buyers and sellers be more objective
Unfortunately, sometimes buyers or sellers come to the process with unrealistic expectations. There's always some emotion involved on both sides and having data to guide and support a decision can make things easier for everyone. Buyers see a CMA from their agent when it's time to make an offer and that helps limit unreasonable offers. Sellers stand a better chance of getting what their home is worth when it's not priced too high or too low. The CMA from their agent will suggest a range of pricing that won't turn off buyers or leave money on the table. Both sides should be happy with the transaction and CMAs can help get you there.
When you're selling your home, the right agent can be a big help. If you need help selling your Mansfield home contact Haring Realty today.