A comparative market analysis (CMA) is an evaluation compiled by an experienced listing broker to estimate the listing price of a house. It is different from an appraisal, which identifies the specific dollar amount at a point in time. It is vital that sellers understand how a comparative market analysis is prepared. This blog covers why you need a comparative market analysis for Bennington properties.
How a Bennington Comparative Market Analysis is Compiled
The current value of a dwelling is controlled by what a buyer is willing to offer. Since the real estate market fluctuates constantly, a common method to identify current value is to analyze other properties that recently sold. Current homes for sale are not good estimations since there is no way to predict what they will ultimately sell for or if they will get sold all. When developing a comparative market analysis, real estate brokers make an effort to locate comparable property and in nearby areas. It is not always possible to select exact matches, so changes are traditionally applied to account for any differences. Age, square footage, enhancements, and other factors are noted. Not all property differences lead to added value and the amount of adjustments typically do not equal the price paid for them.
Why You Need A Comparative Market Analysis For Bennington Properties
A comparative market analysis typically results in a price range rather than a single figure. Where a piece of real estate falls within that range is based on the number and quality of competing real estate for sale and your desired time frame. If you have a short window in which to close on your home, your pricing must be more aggressive (at either the low end or even less than the price range). This is particularly true if there is high inventory. In general, the higher you price a home, the more time it may take to find a buyer. In an economy where few listings are available and your property is highly desirable, you may have the advantage of pricing at the high end of the range. A experienced broker can assist you with this decision and offer valuable guidance. Incorrectly pricing a property can lead to loss of critical time and money, so rely on the experience of agents and the undeniable information in the CMA report.
I hope that you found this overview of why you need a comparative market analysis for Bennington properties useful. For additional information on listing a property for sale, read the other blogs on this website. To request a free comparative market analysis, contact one of our agents at Maple Leaf Realty, 802-447-3210, www.MapleLeafVermont.com