Chances are you're looking to your Realtor to help
you determine the price for your home. How is this done?
By completing a Comparative Market Analysis (CMA). To
complete a CMA, your Realtor will schedule a walk through
of your home. With tape measurer in hand, your Realtor
will ask some basic questions regarding your home. Your
Realtor will also record room dimensions and note the
home's condition. This information is then brought back
to your Realtor's office where the formal CMA is completed.
Your Realtor analyzes the data and forecasts a projected
price of the home based upon similar homes in the area
that have sold. Most likely the CMA will also include
comparable homes that are pending, currently for sale,
or have been withdrawn from the market. Most of this
information is provided to your Realtor by the Multiple
Listing Service (MLS).
In short, the MLS is a huge database that keeps track
of all of the area properties that have ever been listed.
Each Realtor stores his or her listings in the database
so that all other Realtors can access the property's
information. The MLS is especially beneficial to Seller's
as once your listing is entered into the system……all
other Realtors in the area will know about it.
Once your CMA is completed, your Realtor will read
through it with you. Usually, there is no cost for a
CMA, but check with your Realtor first. In most cases,
Seller's do not owe any Realtor fees until the home
actually closes.
Most likely, your Realtor will explain the marketing
techniques proposed for your home. Traditionally, marketing
techniques include, the MLS, Web Sites, Yard Signs,
Trade Publications, and Open Houses. However, your Realtor
will have his or her own insight as to what advertising
techniques should work best for your home.
Keep in mind that when you are determining a price
for your home that there are literally two things that
typically sell it.
1. Location
2. Price
The location of your home is probably the most important
aspect. In fact the rule in real estate is…..location,
location, location. However, price is also a factor.
You can have the best location, but if the price is
too high, then chances are you won't receive any offers.
On the flip side, if you have a lower than expected
price, but the location is "so-so" you may
not get many takers. The trick is to establish a price
that is attractive to buyers for your particular location.
Now that you have reviewed the CMA and understand your
Realtor's marketing techniques, it's time to consider.... page 4 of 9
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