A CMA or comparable market analysis is what an agent will provide a seller at the initial listing appointment. This report provides recent real estate activity in the neighborhood, sub division or city to use as comparable for the seller’s home in order to determine a property market value.
In normal times the initial CMA is all that is needed to confidently place a home on the market with legitimate expectations of procuring a buyer.
Today’s challenging market requires additional effort on the part of the agent and seller in order to be sure that the current pricing of the property is keeping in line with the changing market. As the average days on the market increase and sales prices decrease, real estate agents should be providing a CCMA or continuous comparable market analysis.
Continuously updating the original market analysis for the seller may provide data that will help the seller make an informed decision as to the pricing and price enhancement direction they may need to take. Has a larger home come on the market for less money? Have similar homes in pricing and size expired with no offers? Are there new pending homes to report? Is there new sold data to consider? Not knowing what is happening in the market since the initial listing appointment can be costly to a seller.
If you have your home listed and you are in a market slow down or market correction area, ask your agent to provide you with a continuation of your original comparable market analysis in order to be confident your home is still being offered at a competitive price.
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- Greg Staker - Watson Realty Corp. - 407-304-0255
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