Why You Need a CMA for Your Pleasanton Home for Sale
Why You Need a CMA for Your Pleasanton Home for Sale
You may encounter the term CMA or Comparative Market Analysis while preparing your Pleasanton home for sale.
What is a CMA and how can it help you in selling your home?
The CMA gives you an idea of the current conditions in the market and the value of your real estate for sale in Pleasanton based on sales of comparable homes in the same area for the previous 3 to 6 months.
The CMA is important if you want to understand the competition and you can position your home in the market to make it stand out from the rest.
Here are the top 3 ways a CMA can help sell your home for sale in Pleasanton CA:
1. Provides you with important knowledge about the market that allows you to respond to offers intelligently.
Make sure you are aware of the current market conditions and trends before listing your home for sale in Pleasanton CA. Your Pleasanton real estate agent will also include active listings in the CMA which will give you an idea of the prices your home is competing against. Expired listings should serve as a warning to you of what happens when you do not take the CMA seriously. If you price your home outside the current market value based on the CMA, you will be receiving offers that are not within your expected selling price. Worse, you may not receive any offers at all with the wrong asking price.
2. Helps you price your Pleasanton CA home to sell as quickly or as soon as you want.
Your Pleasanton CA real estate agent will include an upper and lower price limit of the determined price for your home. This number is based on the CMA and the agent’s knowledge of the local real estate market. If you choose an asking price on the high end of the CMA’s price range, you may be able to sell your home sooner.
More buyers will consider your home if they see it as a bargain compared to other similar homes. Keep in mind that in overpriced homes, even if an offer is accepted, your overpriced home will not appraise, making it harder to sell. To avoid this from happening, make sure you understand the CMA and its results before you determine the selling price of your home.
3. Gives you an idea of buyer’s behavior in the present real estate market.
The CMA can tell you whether the increase in buyers drive up prices of houses for sale in Pleasanton CA or if there are few interested buyers in the area. The CMA shows the number of days on the market of each home sold in the area. The fewer the days on the market, the better. This means houses for sale in Pleasanton are selling fast. A CMA also includes the initial asking price and final selling price of sold Pleasanton real estate for sale. By comparing these 2 prices, you will be able to get an idea of how interested buyers are in purchasing these homes as well as how much they are willing to pay for the home. All this data affects your home since less buyer interest means that you will have to lower your price and exert all your efforts to get their attention and stand out from your competition.
An overpriced home has a high risk of staying too long on the market and becoming an expired listing. Take note that expired listings are very difficult to resell.
On the other hand, if you price the home too low, you risk not making a profit or worse, losing money.
Work with the best real estate agent in Pleasanton who could provide you with a comprehensive CMA and help you arrive at an asking price that is both practical and beneficial to you.
If you need more useful tips on selling your Pleasanton homes for sale, visit www.680Homes.com.
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