What is a CMA you ask?
It is a Competitive Market Analysis, which will help you understand and know the correct price at which to sell your home. It includes Active listings, Sold listings, Expired Listings and Withdrawn listings. It serves as a guide to what people actually paid for a home on the market and what they currently are asking. Marketability is all about finding that “sweet spot” where buyer meets seller. This is the place where the buyer feels they are getting the correct value for a home, and the seller feels they are getting a fair price.
There is another thing to think about when you are pricing a home, which is the appraisal process. Unless you have an all cash buyer, in Georgia all future home owners who apply for a loan will have to get an appraisal ordered from their lender. If a seller has priced their home too high, and the buyer believes it holds that value, but the Comparables (provided in the CMA) do not support that, the house may not appraise for the amount to which the buyer and seller have agreed. This creates a tough situation for both buyer and seller. The Seller either has to come down in price, or the buyer has to put more money down to cover the discrepancy in price. So be careful how you price your home so you can be sure it will get to the closing table when buyer and seller agree on a price.
Below is an excerpt from a sample CMA. To receive a CMA of your property,
contact Collette or one of her Associates today.