Why is a Comparative Market Analysis (CMA) Important?
It is important to understand that there are certain things that DO NOT affect the value of your property:
- What you paid when you bought (or built) your house.
- The cash proceeds you want or need from the sale.
- What Iain or any other real estate professional says your property is worth.
Buyers dictate the price they are willing to pay for your property:
- Buyers comparison shop.
- A buyer will not pay more for one property than he or she would have to pay for another, similar property.
A Comparative Market Analysis (CMA) shows what buyers willing to pay for similar properties:
- A CMA demonstrates what buyers have recently paid for similar properties.
- A CMA shows what buyers have not been willing to pay in current market conditions.
- A CMA shows you what other properties are currently active on the market, competing for the buyers’ attention.