How is a CMA prepared?
First, an agent will walk through your home. The home does not have to be in perfect condition. However, property condition does affect price, so if you plan to do work on the property, let the agent know. At this point the agent may recommend improvements to increase your home’s value. Second, the agent will research information about comparable properties in the area, usually using a real estate industry resource called the Multiple Listing Service. This includes: • Properties that have sold and closed within the last 12 months • Active listings – properties currently for sale • Pending sales – listings that have sold but not yet closed • Expired listings – properties that did not sell during the listing period Lastly, the agent suggests a probable selling price. Don’t be surprised if a CMA results in a price range rather than a set price, particularly in markets were there are price differences due to property size, age, architectural style or physical condition. What can you expect
