Earlier this week on Monday we featured a blog post that discussed CMA for sellers. In it we explained what exactly a CMA is and why it is important to have done on your property before you list your home. If you have not read that post already, please do now. Here is the link: http://blog.kenrichter.com/2015/04/14/cma-for-sellers/#sthash.2iUj4jlU.dpbs
Now that you know exactly what a CMA is, you may be surprised that we are discussing why a CMA is important for buyers to do on homes they are interested in. After all, shouldn’t the current homeowners have done their due-dillagence and already had a trustworthy CMA done? The answer is, hopefully. However, here are the reasons why a CMA (Comparative Market Analysis) is important for you to do on any property you are seriously interested in:
1). There is no way to be absolutely sure that the current homeowners of the property you are interested in have done a CMA, or at least done a professional, thorough CMA. A lot of homeowners believe that they know the value of their home simply because they have lived in it for a long time. However, that is not always the case. A professional real estate agent needs to do the CMA.
2). Sometimes, even though homeowners have done a CMA, they will still list the price as lower or higher than the number the CMA report suggests. If they have asked for more, having your own CMA done on the home can help you lower the asking price. If they ask for less than was suggested, having your own CMA done on the home can help you make a higher, fair offer that may win you a bid.
3). Completing your own CMA on a property that you are interested in will help give you confidence that you are making the right decision! It will reveal things you may not have thought of or been made aware of, both good and bad.
Overall, having a CMA done on a home you are interested in is a great way to make sure that the property is something you want to invest in. There are so many benefits to going the extra mile and getting your real estate agent to do a CMA. It may take a little extra time, but it is worth it. Take advantage of the knowledge available to you!
Your Real Estate Professional,