What is a CMA?
A REALTOR® can provide you with a CMA (Comparative Market Analysis) if you are interested in selling your home. To do so, we compile a list of similar homes that are currently active (for sale), properties that have sold and also properties that have been taken off the market. By comparing to these similar properties, it gives us an idea of what the best price will be to market your home. As we compare, we are trying to stay with properties that are as close of a match as your home. You could say, we are comparing apples to apples. But, so many times, real estate agents are presenting CMA’s without ever taking a look inside your home. How would we know that you just replaced all the carpets? Or that you have a gas/wood burning stove in the living room and one in the master bedroom? There are a lot of little things that can make you home different from those we are comparing too. But these difference can be huge when that agent comes to actually list your home, then has to do some explaining of why the listing price has to be different from what the CMA suggested.
This will probably not be a big deal if the price increases. But, what if the comparatives were to homes that were all brand new or built in the last few years, then when they come to your property, they learn that the home was built 40 years ago, or that the 3 full bathrooms that were used to compare are only 1 full bath, a 3/4 bath and a 1/2 bath? That is a big difference from 3 full baths. So, technically we are trying to compare apples to apples, but as you quickly find out there are many different kinds of apples.
If you are thinking of selling your home (or business, land or multi-family property) PLEASE give me a call. I will come to your property and make sure I see everything that is available and make the best recommendation to get your listing SOLD! Mispricing a listing from the start is the worst mistake an agent (and property owner) can make. Those first 30 days are crucial and by over pricing and then coming back and constantly lowering the price makes buyers a little nervous. Those buyers are either thinking “there must be something wrong” or “they want to much for the property, so they won’t take anything less”. Either way, it is not the best situation for you to be in. I will not take your listing and just throw it in the MLS at some high price just because I want to show I have properties. I will agree to take your listing if you agree to competitively price your property with an amount that is actually a competitive listing price.
The market is good in the Pueblo, Pueblo West and Southern Colorado area and this really is a great time to sell. Interest prices are low which allows buyers more options and more home for their money. If you would like for me to go over more of the CMA or look at your home and tell you what a competitive listing price would be, you can fill out my “Your Home Value” tab on the right hand side of the screen or feel free to call me at my office or on my cell phone. I will set up a time that works for you and we can get started on selling your home!