CMA is crucial in figuring out the worth of your home and what a good asking price will be for when you sell it. You may be wondering what a CMA is: CMA stands for Comparative Market Analysis. A CMA is used by realtors to calculate the market value of a property they are selling before they list it. As a homeowner, you can give your home an approximate CMA. However, we suggest going through the process with your realtor to get a more official, in-depth understanding.
The most important thing is to look at the property and where it is situated. Are you in a neighbourhood where the market is thriving? Geographically where is your home, and how does that affect your property? How big is the property, what bonus amenities does it offer, how old is the home? All of these things, and many more, are important factors in doing a CMA. It’s best to do some research on these things on your own, too. This way you can give your realtor a better idea of what your home has to offer!
For the next step, you are going to want to consult an expert. Unless you have worked with real estate in the immediate market and are knowledgable about the area, find someone who specializes in your particular area. For example, Ken Richter works with properties all over Calgary, but really specializes in the Bowness and Montgomery communities. He knows the areas really well, which will make any CMA report he gives you extremely accurate.
Your home will be measured against other properties in the area: that is why a good understanding of the first step is crucial. Your realtor will look at other homes in the area that are similar to your home, and how much they have sold for. Along with this, they will look at market trends in your area to better predict how your home can be successful in the market.
After your realtor has done all of this work, they will present you with an in-depth report giving you a good asking price and a thorough explanation of why they have priced the property that way. CMA’s are such a fantastic way for you to feel confident in your asking price, and to make sure you aren’t over or under estimating.
Enjoy the process! Having a CMA completed means you are one step closer to selling your home.
Your Real Estate Professional,