New Smyrna Beach, Florida Comparative Market Analysis
New Smyrna Beach, Florida - Comparative Market Analysis
A Comparative Market Analysis is a report that details your home’s current market value. For sellers, this is the best way to figure out an accurate selling price for your home.
A CMA is prepared by an experienced real estate agent who is familiar with the local area and understands the market. The agent will gather vital information from Multiple Listings Service and compare it with the location and condition of your home. MLS information includes:
- Active listings: homes currently for sale
- Pending sales: homes that are sold but not yet closed
- Sold listings: homes that have sold in the past 12 months
- Expired listings: Homes that did not sell during listing period
The real estate agent will compare this information with your home, taking into account any improvements you have or will make before you put your home on the market. This information includes:
- Square footage: homes that have similar square footage to yours
- Age of construction: homes that were built at the same or approximate time as yours and have a similar style
- Upgrades and condition: homes that have similar upgrades, renovations, and maintenance
- Location: homes in comparable places
The CMA results will provide a comparable price range in order for you to set a competitive price to sell your home.
How subjective is a CMA?
While a CMA does include subjective factors like perceived selling points, it is primarily an objective report. For instance, if your home is a recently renovated two bedroom home in a great school district, a CMA will include other recently renovated two bedroom homes in great school districts that have been on the market successfully (or not) within the past year.
Why use a CMA?
Without knowing your home’s current market value, it is difficult to set a fair price for both buyers and sellers. While online searches and newspaper listings provide some reference points, they are unreliable for definitively setting a home price as they don’t take into account your home’s specific history and geographic location. By taking advantage of a real estate agent’s experience and expertise to prepare a Comparative Market Analysis, you will eliminate the guesswork from the pricing process and ensure that you get the fair market value for your home.