Selling Your House

If you’re thinking about selling your house the most important factor impacting your success is the original list price. There are many factors that impact the price like location, condition, style, design etc., but ultimately if a house is priced appropriately it will sell. For example, if the condition of a house isn’t great and hasn’t been updated since 1980, it will still successfully sell as long as the price reflects the condition. Of course there are things you can do to improve the marketability of your house like a fresh coat of paint, landscaping or a full update/remodel. However if your house is over-priced at the start it will take much longer to sell and generally will sell for less than if it was priced right at the start. A common mistake many sellers make is becoming too attached, letting emotion become a factor and ultimately overpricing their house. That’s where a REALTOR® can help. A qualified REALTOR® will analyze the most recent sales data and provide you with an unbiased estimate of what your house might sell for.

What Is a CMA?

CMA stands for “Comparative Market Analysis”, is created by a REALTOR® and used to generate an estimated range for the original list price of your house. This is much more accurate and thorough than the estimates you’ll find on sites like Redfin and Zillow. Although some estimates on the market are more accurate than others they should not be used primarily to determine on the list price of your house. These readily available estimates rely on generic criteria (e.g. # of BR, Bathrooms, location, etc.) and may not be based on the most recent data. When a REALTOR® generates a CMA, he/she will use the most recent comparable sales and combine objective data with some aspect of subjectivity to determine an appropriate price. This is where experience and analytical skills come in. The REALTOR needs to be able to assess all of the details of your house, analyze and compare them to recently sold houses and make some adjustments based on the differences and similarities. A thorough CMA can take hours to create but it is well worth the time and effort. There is nothing worse than a house lingering on the market because it’s overpriced.The CMA report will be customized and specific to your house and relevant at the time it’s created. After all, a nearby house can sell the day after the CMA is generated which could impact the result.

This is one of my favorite aspects of being in business as a REALTOR®. I love analyzing the numerous comparable properties, digging through the data and incorporating the many variables to determine the most accurate estimate for my clients as possible. If you’re considering selling your house within the next year get started with your complimentary CMA. Click the button below, enter some basic information and let me get to work!