What Is A CMA?
Have you ever heard of the term CMA, but have no idea what it means or what it stands for?
If you aren’t a REALTOR® or have some experience in real estate, chances are, a CMA is just the Country Music Awards we used to all watch back when we had cable.
Well I’m here to tell you, it’s far more than just entertainment. The CMA is the most important component of your pricing strategy when listing your home for sale.
Let’s start with the basics…what does CMA stand for?
CMA stands for Comparative Market Analysis.
A comparative market analysis is an analysis that a real estate agent will put together to give you a price opinion on your home.
You may ask, how does a real estate agent conduct a CMA? Well, the may begin the process by looking at all of the recent sales of homes that are very similar to yours to help determine a range of where your home might be priced.
If you have a 3 bedroom, 2 bathroom home, your REALTOR® is going to look at other 3 bedroom, 2 bathroom homes with a similar square footage in the same neighborhood that have recently sold.
Your REALTOR® will give you a report of these homes, including price per square footage, pictures, and trend lines that will give you a pretty good idea of what your home should be listed for.
A CMA greatly affects the list price of a home because the recent numbers and statistics are strong indicators of what we can expect your house to sell for!
If you try to list your home way above the price of other similar homes that have just sold in your neighborhood, you’re only setting yourself up for frustration and discouragement when your home sits on the market for months on end.
Do yourself a favor and trust the expert, your REALTOR®, to run the numbers for you and give the best advice on what price you should list your home for.
Now that you know what a CMA is, you’re better equipped to sell your home and know that the list price is right! If you have any additional questions about CMA’s or how they are performed, feel free to reach out!
As always, if we can help you move in, move out, move up, or move on, let us know. Anchor Real Estate is here to help!