Why a Comparative Market Analysis Helps Sell Your Home
We’ve said it before and we’ll say it again: setting the right listing price (the first time!) is one of the keys to faster market times and higher selling prices.
The proof is in the numbers. In 2017, Chicagoland homes that required one or more price changes sold on average for 89.7% of original list price in 138 days, whereas homes that did not require a price change sold for 97.5% of original list price in just 58 days, according to BrokerMetrics, LLC.
So, if you’re getting ready to put your home on the market, how can you be sure to land on the right asking price? That’s where a Comparative Market Analysis (CMA) comes into play.
A CMA is one of the most important tools a real estate broker offers. It evaluates a home alongside other properties – closed, active and pending comparables or “comps” – taking into account variables like location, property features, market times and price changes. This allows us to accurately gauge pricing and market activity where it matters most in real estate – on a hyper-local level.