Why a CMA Matters – Overpricing Can Impact Good Offers

More is not always better, especially when it comes to the listing price of a house. Pricing a home far above it’s true market value can produce the opposite of what you intend with this strategy. In fact, it may prevent buyers from placing an offer.

Some sellers believe that buyers will offer more to meet a higher asking price, but that isn’t what typically occurs. Buyers usually have an agent advising them about current market values. So, they know your home is overpriced and will quickly look elsewhere. Overpricing also eliminates qualified buyers that looking within a certain price range and viewing homes just like yours. If your house is overpriced it will not make their list.

The number one reason a house fails to sell in a healthy market is that it is priced too high. But, this doesn’t mean you should price your home conservatively. It means you and your Realtor should discuss what the current market estimates your home will sell for, and this estimate is based on facts.

This is achieved with complete and thorough Comparative Market Analysis (CMA) on your home, which I research and compile for you. It creates a price range for us to consider together, based upon the data from recent sales of similar homes with comparable features.
In this research, I look for homes that have the same characteristics (as much as possible) to match your home’s features. Typically, the same number of bedrooms, baths, square footage, etc. If there are variables, I adjust the sold price to make up for those differences.
With this insight, I make a recommendation and we work together to decide the best asking price that will get you the most for your home and sell it within a reasonable timeframe.

The first step

Requesting a CMA is the first step in selling your home, and there is no risk or obligation. Please give me a call; I would be pleased to offer my experience and knowledge of the current market to correctly price your home to successfully sell for top dollar.

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