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Homebuyers Should Use a Sellers’ Agent Tool to Get a Better Deal

Homebuyers Should Use a Sellers' Agent Tool to Get a Better DealBuying a home is often the most significant financial transaction in life; at least until the next home purchase.  With most mortgages financed at a fixed interest rate over 30 years, it’s also a transaction that’s going to be a part of life for a long time.  If there is a tool or strategy that can help a homebuyer to negotiate a better deal, why not use it?

You may have to suggest this strategy to your buyer agent, as many do not use it.  It’s commonly considered a seller side tool to determine the listing price for a home.  The Comparative Market Analysis (CMA) is a process that uses recently sold prices for similar homes to estimate the amount at which to list a home.  Here’s are the high points for how it works:

  1. Recently sold prices for similar homes in the same neighborhood are gathered, usually three to five houses.x
  2. The sold dates should be as recent as possible to avoid using outdated information not relevant to the current market.
  3. As some of the chosen comparable homes (comps) are not identical in size and features to those of the house to be listed, the listing agent adjusts the sold prices to bring them closer to what the home would have sold for if precisely like the home to be listed (subject home).
  4. Once adjustments are complete, the agent computes the sold price per square foot for the homes and averages them.  The agent then multiplies the average price/square foot of the comparable homes by the square footage of the subject home, and this yields the estimated list price.

Now that you know the basics of the CMA, why is it something a buyer would want?  The result of a CMA is dependent upon the selected comps.  Different agents choose different comps, and there can be good reasons for doing so.  If your buyer agent completes a CMA, it could yield a different value for the home, perhaps in your favor.  If it produces a higher value, then maybe you’re already looking at a bargain.

The most important reason for having your buyer agent calculate a CMA for you is dependent upon how long the home has been on the market.  If homes are selling quickly, the market evolves quickly, and the value of the property could be significantly higher or lower than when the listing agent completed their CMA.  Either way, it’s useful information for the buyer.  Seller agents can get behind a market and not be updating their CMAs for their sellers.

If you’re shopping for a buyer agent, check their information or website to see if they mention they provide a CMA as a part of their buyer services.  If speaking to one, ask if they will provide one and let you see the comps they select.  You could be very happy with the advantage you gain from the result.

Are You thinking of buying a Home in Tampa Bay?

Use our site to search homes for sale in Tampa Bay and all of our surrounding areas. Unlike the “big name” sites out there, our site is directly connected to our local MLS and is updated EVERY HOUR. By creating a Property Manager account you can stay on top of the newest homes for sale and get Price Change alerts so you can stay ahead of other buyers and beat them to the BEST deals!

In the meantime, check out these 1 click searches:

  • Tampa Bay Homes for Sale
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  • Tampa Real Estate Waterfront
  • Houses for sale in Tampa Florida with Pool
  • Luxury Homes in Tampa Bay
Great Location and MOVE IN READY!! This beautiful townhome is located in the desirable Lakeview at Citrus Park gated community. It is just minutes to the Veterans Expressway, shopping and dining. This home is one of the few 4 bedroom/ 3-bathroom end units within the Lakeview community. It has a 2-car garage with a double driveway and plenty of guest parking just steps away from the property. This home is BETTER THAN NEW (BUILT IN 2019) with multiple upgrades which include: Being an End Unit Property, Double Vanity in the upstairs Bathroom, that is between the two bedrooms, an upgraded vanity in the bathroom downstairs, as well as, in the Master bathroom. There is a Tray Ceiling in the Master Bedroom and Stair Rail on the 1st Floor. In the kitchen you will find a Side-by-Side Refrigerator, Stone Color on all Cabinets in Kitchen Island, Perimeter, and in all of the bathrooms. There is Crown Molding around all cabinets in the Kitchen and Kitchen Island. The Countertops & Perimeter are Upgraded and have Satin Nickel Hardware. The Kitchen, Living Room/Dining Room, and Master Bath floors are all tiled while the Loft area and Stairs have upgraded hardwood flooring. Windows have 2" Faux Wood Blinds. The two-car garage offers extra storage racks. The upstairs loft is centrally located for all to enjoy game or movie night. All the spacious bedrooms include a walk-in closet. Outside, you can sit and relax on your peaceful screened in Lanai. The community has a dock that you can use for kayaking or paddle boarding on a 14-acre lake and enjoy what nature has to offer. This community has a playground and area for grilling out with friends and family. This home has it all and will not last long. Don’t miss out on your opportunity to purchase this “Better than New and Move in Ready” townhome. Schedule your showing today! $523,000 Active

14221 Damselfly Drive Tampa, Florida

4 Beds 3 Baths 2,618 SqFt 0.080 Acres

Come see the latest and great opportunity to own a little piece of Tampa! This quaint and charming 1926 home is nestled in an up and coming, centrally located neighborhood Tampa Heights and is convenient to I275, I4, downtown Tampa, Ybor City, Armature Works, Tampa Riverwalk and so much more. This home has 3 bedrooms, 1 bathroom, a lovely yard for summer activities. Neutral updates throughout this home are waiting for you to come in and make your own mark. Add this home to your portfolio or buy and live near all the activities in the Tampa Bay area. Don't miss out, come check this home out today! $325,000 Active

4906 N Highland Avenue Tampa, Florida

3 Beds 1 Baths 900 SqFt 0.110 Acres

Income producer duplex this is a must to see if you are looking for the right deal. There are two spacious  units each one with three bedrooms and one bath. Currently lease month to month with a monthly income producer of $2000 as tenants been in the units for years. If you do good CMA you can lease for more base on size and location. Property can be deliver vacant at closing time or buyer can present a new lease term to existing tenants if he likes to continue earning with out interrupcions.  Schedule your showing for this well located property. PLEASE DO NOT DISTURB TENANTS. $440,000 Active

4206 W Kentucky Avenue 1 Tampa, Florida

6 Beds 2 Baths 1,612 SqFt 0.200 Acres

VIEW, VIEW, VIEW, LOCATION, LOCATION, LOCATION... The rest is up to you! This unit has a million dollar view and conveniently located within a few miles of I-275, I-4 & the Crosstown. It is only 8mins from the airport & walking distance to Westshore Plaza with plenty of shopping and restaurants. The amenities are abundant & scream elegance. Including boat slips for rent, fish station, BBQ area, pool, 2 saunas, gym and MANY MORE! The unit is a 1/1.5 bath with its own washer/dryer in unit. Sliding glass doors give you a fabulous view from both the main living, kitchen & master bedroom! Two closets, with one being a walk-in gives you plenty of storage space. The master bath has plenty of space & opportunity to make it all your own!
Wall to wall mirrors through out the unit make this space feel spacious and reflect tons of natural light! With a large balcony that stretches the entire unit , you will never miss a sunset! Don't miss this opportunity to make this place your own, it wont last long! $449,900 Active

Tampa, Florida

1 Beds 2 Baths 989 SqFt

Posted in: Buyers, First-Time Buyers, Tampa Tagged: CMA, Home Buying

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