If you’re selling a home in Tampa Bay or the surrounding communities, it’s a good idea to talk to a Realtor® who can give you a comparative market analysis, or CMA.
But what is a CMA, and why you need one?
What is a CMA?
A comparative market analysis, which most people refer to as a CMA, is a document prepared by a professional Realtor. In order to prepare a comparative market analysis, which helps you understand the value of homes near yours, your Realtor will need to conduct quite a bit of research.
In order to prepare a CMA, your Realtor will evaluate homes that have sold and closed within the past year. He or she will also look at properties that are on the market right now, listings that have sold but haven’t closed yet, and properties that were on the market but failed to sell for any number of reasons.
Your Realtor will only look at properties that are similar to yours in size, location and amenities.
The information your Realtor gathers will help you determine the correct price for your home so you can sell it quickly.
The Dangers of Listing a Home at the Wrong Price
If you list your home with the wrong price, it won’t sell.
Naturally, if your asking price is too low, you’re leading money on the table. Nobody wants to do that.
If your asking price is too high, it will sit on the market too long, and eventually, you’ll need to lower the price. Unfortunately, a price reduction sends a signal to potential buyers that your home may not be worth quite as much as you think it is – and they may be skittish about coming to see it.
The longer your home sits on the market, the less likely it is to sell.
Do You Need a CMA?
If you are selling a home in Tampa Bay, we can help you find the right asking price so you can sell it quickly while getting the best possible outcome.