1. Market Analysis

What is a CMA?

It is short forĀ  “comparative market analysis” and here is what About.com says it:

“When working with sellers to determine a listing price or with buyers to check value before offers to purchase, real estate agents do what is known as a comparative market analysis, or CMA.

By going to sold property records, the real estate professional selects recently sold properties that are similar to the subject property and in the same area. By comparing these properties, and adjusting for feature differences, an estimate of value is made for the subject property.

A thorough CMA would also include comparison to currently listed similar properties in the area. This would allow an assessment of the current competition and might lead to an increase or decrease in the estimate based on the sold properties.”

Why is all of this important?

Realistic pricing in this Champaign Urbana real estate market is critical. Frankly most sellers now think their homes should sell for what they paid or that they should make a big profit at closing. This may be realistic- it usually isn’t. Still we want to get the most possible for you home, sell it promptly, and have the terms meet your needs. So we do the research and give you honest and objective feedback on what your home in Champaign Urbana is worth.

How do I get a CMA?

Call Sharon today at 217.621.6308 or email sharon@sharonharkness.com and we will go to work for you on one. There is no charge.

Practical Hint:

Most sellers who skip this step overprice their homes and in this market that is a crucial mistake. Be ready to be realistic about the best listing price. Your home will sell more quickly. And also statistics show homes sell at higher prices when they are priced correctly when listed.

Leave a Reply

Your email address will not be published. Required fields are marked *