This mysterious acronym may be the most valuable tool you have when selling your home. It might determine how long your home sits on the market. This tool can determine who exactly sees your home listed. A CMA may even determine just how much you are able to sell your home for. So, what is this invaluable little tool?
A CMA is a Comparative (or Comparable) Market Analysis. You’ll be excited to know that not only are we going to tell you more about what it is and why it could help you sell your home. In addition, we can actually provide you with a comprehensive CMA for absolutely no charge or obligation. Alright, let’s break it down….
What is a CMA?
You know what the letters stand for but what does it actually mean? A Comparative Market Analysis is a thorough valuation of your home as it compares to other similar homes in your area. It takes into account square footage, lot size, general and specific location, age, style, special features, upgrades and more! The more factors considered in your CMA, the more well-rounded your valuation will be. These factors will also make your CMA more strategic and effective in use.
Why should I get a CMA?
Now that you know what it is, you’re probably asking yourself the question above. A CMA comes in handy for many different reasons and in fact, the notion that you are preparing to sell your home doesn’t even have to be one of them. Even if you have no intention of selling your home anytime soon, being an informed homeowner and understanding the value of your most valuable asset will help you make adept decisions about that asset now and long into the future. It might also urge you to reconsider.
A CMA gives you a price range or foundation from which to price your own home. When it does come time to sell, this range and how you use it can make the difference in just about every aspect of how your transaction will proceed. A home priced too low may sell quickly but could undercut the home’s actual home valuation leaving you with less of a return on your beloved investment.
What is the goal of a CMA?
Remember the goal of pricing and marketing your home is to get the most attention possible from the right buyers. This will stimulate interest, competition, and maybe even a full-blown bidding war driving up your sale price and simplifying your contract terms.
If a home is priced too high, it is at risk of two things happening. First, your home may never even reach your target buyer who has set search parameters within a desired price range. Homes outside of that range won’t even come on their radar and your home may be left with a much smaller audience than it deserves. Second, is it runs the risk of sitting on the market too long and suffering a reduction in price. A home that has been listed for a long time in the MLS tends to draw a certain stigma, especially if the price has been reduced. Many buyers assume there must be something wrong with it. Meanwhile, tons of new listings jump to the top of your target buyers’ search list leaving any overpriced listings sinking to the bottom, forgotten and unwanted.
Avoid both of these missteps by strategically implementing your CMA with the help of an experienced broker, like Corken + Company, and discovering the sweet spot somewhere in between.
How can I get a CMA?
Here’s where we come in. Schedule a consultation with Corken + Company today for a completely free CMA, even if it’s just to understand more about your home. Being knowledgeable on how your home is performing against those around it can help you make realistic long-term real estate goals. If you are ready to sell or on the fence about selling, contacting us for a home evaluation and CMA consultation is the next best step to take!
We have more than twenty years of experience strategically marketing and selling homes in Denver Metro and beyond. We would love to learn more about your home. Let’s get to work on your home valuation with a CMA today!
Full Source: http://cohomeblog.recolorado.com/what-is-a-cma/