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The Comparative Market  Analysis

The Comparative Market Analysis

The second step in the process of selling your home is to determine what your home is worth on today’s market. To do this, your Realtor will perform a Comparative Market Analysis (CMA) that will ultimately provide you with an estimate of your home’s value. You can expect your Realtor to visit your home to see the general condition of the property and to look for those things that may set your home ahead of or behind the competition. He or she will also conduct research on homes similar to yours that have recently sold and those that are currently for sale to help arrive at a price that the market will substantiate. It is important for sellers to see the houses currently for sale so they can see their competition. Although sellers would like to get top dollar, they must remember that realtors and sellers don’t set the prices – the market does. In a seller’s market, the seller usually is able to negotiate a more favorable price. In a buyer’s market, the buyer has the advantage. There are times when a condition tacked on to the price of the house comes into play. For example, a seller may be willing to accept less money for a house if the buyer is willing to wait a few months to move while the seller’s children finish the current school year. Depending on the market, one party to the transaction may be forced to be more flexible. The true value of your property is the price a buyer is willing to pay for it. Pricing a property unrealistically high will probably mean that it will sit without much activity resulting in what is known as a "stale listing." Remember, the reason for initiating all of this is to sell the house.

This is a good time to clarify a very important point. Realtors are not appraisers, lawyers, accountants, lenders, bankers, or home inspectors. We encourage you to enlist the services of these professionals if the necessity arises or if you feel their assistance is in your best interest.

The Listing Contract »

Acres Away Realty
14 Columbia St. • Leominster, MA 01453
Phone: 978-840-2696 • Fax: 978-840-2694
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