Selling your Home in Lakeland FL - What is a Comparable Market Analysis (CMA)?
Recently, I read a blog about, “Why do Realtors® still advertise the “Free CMA”?”. Many agents commented on this post of why they or don’t advertise “Free CMA”. One commenter stood out for me saying “the general public does not know what a Free CMA is”. The commenter is right, most folks stay in their home at an average of 5-7 years and are not focused on selling or buying real estate on daily basis such as professional real estate agents. They are more focused on their lives, which they should. This brings me up to my post explaining what is a Comparable Market Analysis when selling your Lakeland FL home or any other home in your city. Homeowners who pays visit to sites like Zillow or Trulia should be careful of the home value estimation they receive when typing in their address to see how much their home is worth because of their inaccuracies, which I have written about it before.
Comparable Market Analysis may also be known as Competitive Market Analysis or Comparative Market Analysis, however the short phrase for all is CMA. It is important to know that these analysis be done by an experienced real estate professional. He or she can obtain the information from the Multiple Listing Service (MLS) as well as other sources available to them.
Lakeland FL home owners who are thinking about selling their home should get acquainted with the local real estate market by visiting local real estate market reports. Home prices have changed significantly in recent years where you may be in for a surprise.
Establishing a Comparative Market Analysis (CMA) is primarily done by gathering data of homes of similar style, size of the home, age, lot size, upgrades, amenities and condition within the same neighborhood/subdivision of homes that have sold not more than three to six months ago. This analysis will also take into account homes that are currently being actively marketed, homes that have gone pending (under contract), and homes that have been withdrawn or expired, which are homes sellers have elected to take their home off the market.
Many agents offer free Comparable Market Analysis, however the depth of a market analysis can differ, it is important that your real estate agent explains the details of the CMA. With a detailed Comparative Market Analysis, the agent should also include an estimated seller’s net proceeds. You can see based on the information you provided to the agent, how much is owed on the mortgage and fees such as homeowners association, maintenance fees, etc. and the cost of selling your Lakeland FL home, what estimated amount you can expect to receive at closing.
When doing a Comparable Market Analysis along with my absorption rate analysis and detailed property reports for a potential seller, there is a lot of time being spent on researching and information, so I can provide my Lakeland FL home seller with a price range of what the home could sell for at the time of providing my CMA. You, the seller can make an informed decision based on your motivation and/or financial situation of whether or not you want to sell their house. My Comparable Market Analysis for Lakeland FL home sellers may be free, but the advice you will receive is priceless.
Copyright © 2011 By Petra Norris * Selling your Home in Lakeland FL - What is a Comparable Market Analysis (CMA)?*