BENEFITS OF A COMPARATIVE MARKET ANALYSIS (CMA)
Are you searching for a new home? Planning to place your property up for sale? –
“Don’t ignore to read the CMA report mailed to you by your neighborhood real estate broker”.
A Comparative Market Analysis (CMA) is a fundamental asset that helps to determine whether you will be successful in your real estate transaction.
What exactly is a CMA?
For Buyers: I generally always give my buyer clients a simple, realistic and probable comparable market analysis, that helps them make better choices in buying a house. For each home being considered, the CMA gives an idea of the approximate “price point” to buy a house in their preferred neighborhood as well as furnish them with details on other properties in the area, such as the age, condition, amenities, location and square footage. It also gauges attention of the buyers towards the listing price for the properties, that are still active in the market, as well as the final sale price of the properties that were recently sold.
So here is how I will explain how most of my deals are closed successfully, for my buyer clients.
When my buyer is ready to make an offer on the property, The CMA helps my buyer to propose a fair range offer to begin with, and at times also counter offer, when they believe the seller’s asking price is too high.
For Sellers: Acting as a listing agent for my seller clients, I usually have two set goals – time and price. To determine the time-frame, I generally like to schedule a walkthrough of the home, get a sense of the condition of the property, location, integrity and possibly suggest improvements that may ramp up its price. My next step would be to gather information with reference to similar properties in the neighborhood that have sold recently, along with canceled and expired listings. In the CMA, this piece of information is very vital, as it helps the sellers to list their property more realistically and avoid listing their home too low- leaving money on the table, or too high-struggling to find a buyer, constantly changing the sale price, and eventually slashing the price, just so to close a sale transaction.
We as agents are hands-down trained well and know how to utilize - THE POWER OF COMPARATIVE MARKET ANALYSIS TOOL, OUR CLIENTS BEST TOOL.
INTERESTED TO GET YOUR PROPERTY CMA CALL - 786-202-2891 - PREETI KROLL
Why Get Pre-Qualified?
1. Pre-qualification acts as a dry run of the loan application process. The mortgage lender will use details you provide about your credit, income, assets and debts to arrive at an estimate of how much mortgage you can afford. The whole process may take only minutes or a few hours at most, and is free.
2. While a "pre-qual" is non-binding to the lender (because the information you provide has not been verified), it does serve as a good indication to potential sellers of your general creditworthiness.
3. These days most sellers will NOT accept an offer without at least a pre-approval letter, so if you are serious about buying this is the first step towards getting you in your new home.