Competitive Market Analysis (CMA) - What's my home worth?

The time it takes for a home to sell is largely based on its listing price. For that reason, it is essential that your home is listed at a competitive and attractive price that is satisfactory and profitable for you. So how do you decide what price to list your home at? The first step is contacting a real estate professional. He or she can prepare a Competitive Market Analysis (CMA) for you.

A CMA is prepared by your REALTOR® and provides a seller with a comprehensive evaluation of their home based on current market conditions. A CMA typically looks at competition in your neighbourhood with similar style homes. Usually it is comprised of recent comparable sales, current comparable competition, and sometimes recent expired listings. It also takes the unique aspects of your home into consideration.

The most telling point of where to price your home usually comes from the recent comparable sales (that is, those homes that are comparable to yours that have actually sold in the past couple months, or more importantly, in similar market conditions). Current comparable competition is not always the best indicator of where your home should be priced, as these homes have not sold yet (in other words, they could be way overpriced).

Having your REALTOR® prepare a CMA for you allows you to feel comfortable with the price range that they suggest you should list your house at, because it is based on facts and current market conditions. This allows you to see where and what your competition is and gives you something to compare your home to. Remember, every home is unique, but it is important to focus on the big picture and remain objective throughout this process.

For any real estate assistance in the Oakville, Burlington, Milton area contact Mary at maryobrienc21@cogeco.ca  

 

 

Mary O'Brien

Mary O'Brien

Sales Representative
CENTURY 21 Miller Real Estate Ltd., Brokerage*
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