Competitive Market Analysis
The Competitive Market Analysis (CMA) is a tool Bird Dog Real Estate uses to help you determine what your home is worth in today’s market. It is a review that studies the prices of sold properties, pending sales, active, and expired listings to arrive at a market price range for a subject property.
Below are some of the CMA features that we will go through to arrive at a price range for your property:
- Review of all homes, similar to the subject property you are looking to sell, that have recently sold or are pending sale (sales within the last 6 months holds more weight).
- Review similar homes currently on the market for sale. This is our competition! (Sellers really need to keep this in mind).
- Examine recent expired listings of similar homes to see how they were priced and whether that was a factor in them not selling.
- The CMA is a time-sensitive tool. You must stay current with all pricing data. Therefore, we are looking for the property’s current value or what it is worth right now under current market conditions.
By using these comparisons with adjustments to match the subject properties, we will come up with a price range that will help you price your property to the current market conditions.
Pricing your home correctly is the number one factor in it selling quickly. Correct pricing attracts prospective buyers to see your property and buyers willing to make offers on it. If you overprice your property, it may be sitting out there for months on end with dwindling visit requests, and leaving the seller hoping for an offer that may never come. It’s important to remember that pricing your property correctly the first time is the biggest factor for getting it sold.
The Bird Dog Real Estate team can prepare a CMA for you. Contact BDRE for more information.
Put the Bird Dog to work for you!