When you see a real estate agent about putting your home on the market, your real estate agent will be happy to offer specific advice based on your unique situation. Another valuable thing that the real estate agent may offer before you place your home for sale is a Comparative Market Analysis.
The Comparative Market Analysis is often colloquially referred to as simply the CMA, and it is basically an evaluation of the value of your house after an analysis of detailed information on the local real estate market. Follow these tips to effectively use the CMA to sell your home.
Tip: Mine the Report for Useful Information
Not all of the information in the Comparative Market Analysis may seem immediately relevant to your situation. However, you can easily find a lot of helpful information. For example, you can use the CMA to discern the price that similar homes have sold for in the area. You may be pleasantly surprised to learn that homes in the area sell for a higher price than you imagined.
You can also use the CMA to attain information about how long local houses were on the market before being sold. Also access information on which homes will likely be "competition" for your house if you place it for sale.
Tip: Ask Lots of Questions
How effectively you use the CMA depends on how well you understand it. Feel free to ask your real estate agent any questions you have about it. When you understand this report, it becomes a tool that can help you make smarter choices about the sell your home.
Don't shy away from asking questions you may feel may have obvious answers. Your real estate agent is there to help you, and you are likely to feel more empowered as a home seller when you comprehend the useful data on the report.
Tip: Use the CMA as a Starting Point for Assessing Your Neighborhood
Although you may think you know your neighborhood, it's important to try to see it from an objective standpoint or, more importantly, from the point-of-view of potential home buyers. The Comparative Market Analysis can offer insights about the lay of the land and how that affects how homes sell in the neighborhood and how high a price the houses can command.
Finally, keep in mind that the Comparative Market Analysis will be offered to you as a courtesy. It will never obligate you to choose a certain real estate agent or go through with placing your house for sale. However, it's usually best to take advantage of this helpful service and use its valuable data when making decisions about the sale of your home.Share
2 August 2017
Although I've never worked professionally in the real estate business, I sure know my way around it. How, do you ask? Well, I have simply rented a lot of different places and worked with a lot of different landlords and real estate agents. In the past 7 years I've lived in 11 different houses or apartments, none of them my own. In finding those 11, I have looked at literally hundreds of apartments. I used to hate house hunting, but now it's kind of fun. You just need to know what you want and the right questions to ask. Hopefully this blog can help you learn some of the tricks of the trade from another renter like yourself.