A comparative market analysis (CMA) is a report compiled by a local real estate broker to figure out the possible price range of a Newburyport MA home. It is different from an appraisal, and done by your Realtor.
How a Comparative Market Analysis for YOUR Newburyport MA Home is Compiled
The current value of a Newburyport property is derived from what a buyer is willing to offer. Since the Newburyport MA real estate market changes regularly, the traditional method to estimate market value is to compare it to other properties that sold in previous months. Active homes on the market are not valid reflections of value since there is no way to foresee what they will eventually sell for or if they will sell at all. When compiling a comparative market analysis for your Newburyport MA home, listing brokers try to find comparable homes and in similar neighborhoods. It is not always possible to find sold real estate that are exact matches, so adjustments are traditionally made to account for differences. Upgrades, square footage, features, and other factors are taken into consideration. Not all home differences add value and the dollar value of adjustments do not often match the amount paid for them.
Why You Need A Comparative Market Analysis For your Newburyport MA Home
A comparative market analysis report normally results in a price range. Where a home falls within that range depends on the abundance and quality of competing listings and your time restrictions. If you have a short time frame in which to sell your home, your selected price should be more competitive (at either the low end or even less than the price range). This is particularly true if there is an large volume of listings. In general, the higher you price your home, the longer it may take to sell. In an economy where competition is low and your home is highly desirable, you may have the luxury of pricing at the high end of the range. A knowledgeable real estate agent could assist you with this decision and provide useful advice on pricing your listing correctly. Incorrectly pricing a property can lead to loss of valuable time and money, so refer to the expertise of a your local Wellsco real estate agent and the factual figures in a comparative market analysis report.
I hope that you found this information on why you need a comparative market analysis for your Newburyport MA real estate useful. For other information on listing your property for sale, review the other information on this site. To request a comparative market analysis for your Newburyport MA home, contact John P. Wells at 978-609-4948 or firstname.lastname@example.org.