What a San Diego Seller Should Know About a CMA
Selling a house in San Diego can be a detailed process and requires many steps. One of the most important steps is determining the current market value of your property. When determining the value of any property, an experienced agent will give you (the seller) an educated price evaluation using a comparative market analysis, or CMA. A CMA report is created using information from a database available to your San Diego agent known as the multiple listing service (MLS). The details of the report are determined by many factors, including the number of bedrooms and bathrooms, the square footage of the property, type of home, location, lot size, and any other criteria the San Diego real estate agent deems necessary to develop an accurate evaluation. With a well-done CMA, your San Diego real estate agent will be able to determine the appropriate value of the property to get you the best price possible.
The CMA report that your San Diego real estate agent gives you contains a summary of recently sold homes in your neighborhood and important information about them, such as selling price and number of days on the market. The CMA will also determine the active or currently available properties that are presently competing on the market with your house and give the same detailed information about those properties.
The information available on the MLS determines the comparable layout of multiple properties in your San Diego neighborhood but it does not contain any of the properties’ aesthetically appealing details. Examples of such features would be a beautiful view, a well-staged house, a recently updated or remodeled house, and curb appeal. All of these factors cannot be summarized as statistics in the MLS. That is why it is important for your San Diego real estate agent to be experienced enough to determine such details through pictures and remarks made by the listing agent. Having an inexperienced San Diego real estate agent can cause you to accept an offer that is below fair market value or cause your San Diego house for sale to be overpriced and hence stuck on the market for significantly longer than is necessary.
If your property has been on the market for a while, there is no harm in asking your San Diego real estate agent to reevaluate the asking price of the property. A CMA is only valuable if it is recent and reflects the current market trends. CMAs can be recalculated at anytime and you shouldn’t be afraid to ask your San Diego real estate agent to reassess the current value of your property, especially in a fast paced market like San Diego, where the turnover rate is rapid.
A CMA is only one piece of the puzzle to help determine an accurate evaluation of what your house is worth. While the final asking price for your property will be determined by you, the seller, remember that your agent’s experience will play a big role in the accuracy of the list price they advise for your home. A more knowledgeable and skilled San Diego real estate agent, such as myself, will guide you through the complexities of an optimal pricing strategy to sell your house quickly and for the highest price possible. If you are looking for a real estate agent in San Diego who can help you determine the perfect price for your property, then look no further! Call me, Kim Ward, at (619) 741-0111 for your free consultation today!