Selling your home is like selling your car, you have to find out first how much it is worth and how much do people are willing to pay for it. For this you will need your Sacramento Realtor to pull a CMA. You might be asking yourself… what is a CMA in real estate?
If you want to sell your home, it’s not so easy and it’s certainly not simple. The value of your home is much more difficult to predict and the information available to home sellers can be untrustworthy. Online home valuation sites are fun to play with, but they are based on past sales, not current market factors. Newspaper listings give you some information, but houses are usually so different that it’s hard to compare.
What is CMA?
The CMA is a side-by-side comparison of homes for sale and homes that have recently sold in the same neighborhood and price range. This information is further sorted by data such as type of home, number of bedrooms, number of baths, lot size, neighborhood, property condition and features, and many other factors. The purpose is to show estimated market value, based on what other buyers and sellers have determined through past sales, pending sales, and homes recently put on the market.
The best part about a CMA is that it’s usually free!
How is the CMA created?
The CMA is a here-and-now snapshot of the market, based on the most recent data available, but it can instantly be rendered obsolete by a new listing, or a change of status in a home with the same criteria. Why? The market is constantly changing – new listings, pending sales, closed sales, price reductions, and expired listings.
CMAs can vary widely, depending on the knowledge and skill of the person creating the CMA as well as the number and type of data fields that are chosen. That means some features may not be included.
As informative as the CMA is, it should only be used as a tool and should not substitute for your real estate professional’s knowledge and advice.
If you are looking for a Sacramento Realtor who can walk you through and discuss What is CMA in real estate and how does it works on properties that your selling or buying. Reach out and I will be glad to go in details and help you to find how much your home is worth!