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Comparative Market Analysis (CMA)
If both overpricing and underpricing damage your chance of a sale, how do you come up with the right price? The answer starts with a Comparative Market Analysis, or CMA. The CMA is a comparison of your home to other properties in your area that have recently sold. You will be able to compare size, age, condition, amenities, and other variables with your own home. You will also see the listing price and sale price. This information can be extremely valuable in pricing your own home. But it's not enough.
Getting a broader market overview will give you additional helpful information when pricing. By finding out the total inventory of homes similar to yours and the average length of time those homes remain on the market, you'll be better able to price your home competitively. Once you've done your homework, you'll have a good idea of the best price range for your home.
Real estate agents don't price the home for you. A professional's role is to give you all the pertinent information you will need to make an educated decision. You are ultimately responsible for the successful sale of your home.
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