A Comparative Market Analysis, or CMA, is a valuable tool when you’re selling your home. A CMA can help you price your home effectively—which determines how well your home sells, and how much you ultimately get for it. Buyers, too, can benefit from using a CMA when making an offer on a home.
But what exactly is a competitive market analysis? That’s what we’ll be answering in today’s Real Estate Basic Training Course… Lesson 6: What Is a Competitive Market Analysis.
What Is a Competitive Market Analysis?
A Competitive Market Analysis is a report of all the recently sold homes in an area used to help buyers, sellers, and their agents determine a fair price for a home.
There are several different factors that play into how much your home is worth, and a CMA presents them in a way that’s easy to interpret and analyze. Here are two things a CMA will show you.
1. Sold data of the real estate near you
A CMA presents data on homes that have recently sold near you and have features or aspects similar to your home, such as square footage, age, and amenities. This gives you an idea of what the market in your area looks like.
2. Active data of the real estate near you
CMAs will also present information on the homes available for sale around you, which helps to show you the pricing of your competition. For buyers, a CMA can help you determine a competitive price for a home you’d like to make an offer on.
How Do I Get a Competitive Market Analysis?
This is where a great Realtor comes in handy. An experienced agent will put together a CMA for you and interpret it without a problem!
Working with an agent who’s worked in the same area for years gives you a huge benefit when it comes to understanding your CMA. He or she will be able to best understand the market trends near you, and you’ll be able to sell your home for the best price possible.
Looking to Sell Your Home in the JoCo area?
A Realtor can ensure you sell your home quickly for the best price possible, and the Tina Barletta Team will help you do just that in Johnston County! Our team of experienced real estate agents can answer any questions you have, so contact us today if you’re ready to sell your home.