The Importance Of A Comparative Market Analysis For Maine Properties

A comparative market analysis (CMA) is a report compiled by an experienced listing agent to determine the potential price of a house. It is different from an appraisal, which pinpoints a exact dollar amount at a given time. It is important that home owners understand how a comparative market analysis is prepared. This article covers the importance of a comparative market analysis for Maine properties.

How a Maine Comparative Market Analysis is Created

The market value of a dwelling is controlled by buyers. Because the real estate economy fluctuates frequently, the best way to estimate market value is to review recent sales. Active listings are not valid estimations since we can not determine what they will ultimately sell for or if they will get sold all. When preparing a comparative market analysis, listing agents try to locate similar-styled property and in comparable areas. It is not always possible to select exact matches, so changes are typically applied to account for any differences. Condition, square footage, amenities, and other elements are taken into account. Not all home amenities lead to added value and the amount of adjustments do not often equal the cost of upgrades.

The Importance Of A Comparative Market Analysis For Maine Properties

A CMA report normally results in a range for price instead of an exact figure. Where a piece of real estate should be priced within that range is based on the amount and quality of competing real estate on the market and your desired time frame. If you have a little time in which to sell, your selected price must be more aggressive (at either the bottom or even below the estimated range). This is especially true if there is a lot of inventory. Basically, the higher you price a home, the longer it may take to sell. In markets where competition is sparse and your home is highly desirable, you may have the luxury of pricing at the high end of the range. A experienced agent can help you with this decision and provide valuable advice. Incorrectly pricing a home for sale can result in loss of valuable time and money, so rely on the experience of agents and the factual figures in the CMA report.

I hope that you found this overview of the importance of a comparative market analysis for Maine properties useful. For more information on listing real estate for sale, read the other articles on this website. To receive a complimentary comparative market analysis, contact Mini Major at 617-877-4083 or mini.major@beangroup.com.

About Mini Major

Mini views the purchase or sale of a home as a major life transition that usually evokes a wide array of challenges and emotions She brings her strong analytical, communication, and mediation skills to that process. For buyers, she helps to assess realistic goals and maps out a facilitation strategy that is uniquely designed to meet their individual styles with limited stress. For sellers, she provides honest, factual information necessary to set the right price and, together with the extraordinary resources of the Bean Group, provides state-of-the art marketing materials to present that property with appeal to the most appropriate potential buyers.

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