Uncover Your Potential With This Comparative Market Analysis Example
Real-World Application and Insights
Let's consider a real-world example: Suppose you're selling a three-bedroom home in a suburban neighborhood. A CMA might reveal that similar homes have sold for between $300,000 and $350,000 in the past six months. If your home has a newly renovated kitchen, you might price it towards the higher end of that range. Conversely, if it requires significant repairs, you might adjust the price downward.
According to the National Association of Realtors, properties priced correctly based on a CMA tend to sell faster and closer to the asking price1. This underscores the importance of using a CMA to set realistic expectations and strategies.