What is CMA (Comparative Market Analysis)?
A method of determining the market value of a property by comparing recent sales for similar properties.
If you are thinking of selling your home, let us provide you with a Free No Obligation Comparable Market Analysis (CMA). By providing us with some basic information about your property, we can research what homes like yours have recently sold for.
Preparing a CMA is a very important step in selling a home. You want your home to be priced properly as overpricing a home will cause it to sit and get little to no showings. Usually, the longer your home stays on the market, the harder it will be to sell. Potential Buyers often have a fear of homes that have been on the market for an extended period of time. They tend to think something must be wrong with it if it has been on the market for a very long time. A good buyer’s agent will also prepare a CMA for their client to insure a home is not overpriced. If buyers see that one home is priced higher than the others, often times they won’t bother to look at it assuming the seller will not be willing to negotiate their terms to compare to similar homes.
A CMA also provides you with a list of homes in which you will be competing with. It will provide all the information of the resale homes on your street and neighborhood. You will know your competitions List Price, Days on Market, Square Footage, Lot Size and Upgrades as well as the compensation being offered to buyers’ agents.
Once we have completed your CMA, you will be provided with a list of comparable homes in your neighborhood in which we based the price on. Please remember to give a more accurate CMA, an inspection of the home is required. Your Free CMA can be delivered via e-mail or a hard copy whichever method you prefer.
Some other factors and common questions in determining an asking price:
How will we determine a value?
Being familiar with the current Real Estate Market is the biggest factor. Real Estate is our full time job. We stay current with local trends and follow what new home builders are offering as far as prices and incentives to buyers. Our areas of expertise include the following areas: Aventura, Sunny Isleas Beach, Golden Beach, Bal Harbour, Surfside, Miami Beach, Miami, Fort Lauderdale, Hallandale, Hollywood and many others throughout the Miami-Dade and Broward area.
1. What price has homes in your area sold for within the past few months?
2. How are currently active listed homes in your neighborhood priced?
3. How long are homes staying on the market?
4. Are there any homes currently under contract and how many days did it take to get a contract?
Market Conditions: Are home prices in your neighborhood trending upward or downwards?
What type of Market are we currently experiencing? : Is the current market a Buyer’s Market or Seller’s Market? A Buyer’s Market tends to mean there are more homes for sale than Buyers looking. A Seller’s Market is when inventory is low and more Buyers are in the market place.
Upgrades: If your home has desired upgrades and the comparables do not, it may raise your home’s value. Examples of upgrades include: Wood and Tile floors, Granite counter tops, Pools, Large yard, Stainless Steel Appliances or 42” Maple or Cherry Cabinets.
Condition of the home: What is the overall condition of the home? Will the new owner incur major repair expenses such as: replacing the a/c, replacement of the roof, replacing appliances….., Is the flooring in good condition? Are the walls in need of paint? If it’s an older home, has the kitchen and baths been updated?
Thank you for your interest in the information we have provided regarding our free CMA services. Please keep us in mind when you are ready to sell your condo or home by simply completing our free CMA form.