First Things First. What is a CMA in Denver Real Estate?
You’re likely wondering: what is a CMA in Denver real estate? First, a Comparative Market Analysis or CMA is a report that agents use to help determine the proper value of your home. Additionally, it helps them to price your home based on other similar properties in your area. A CMA is not an appraisal. It does not require an official inspection to produce.
It is important to know how much your home is really worth because homes that are overpriced tend to linger on the market for months and months. Importantly, when a house is on the market for more than 90 days, buyers become suspicious about the reason why. This produces a domino effect. If interest is low it will deter other prospective buyers from considering your property.
You could have a perfectly lovely home that would have attracted a stampede of prospective buyers if only it was priced right. That is why a CMA is so important. Sellers should do a CMA before listing their home.
What is a CMA in Denver Real Estate Part Two: How Does a CMA Help Buyers and Sellers in Denver?
Both buyers and sellers use CMAs to their benefit. Buyers often request CMA’s to help them determine whether a home is overpriced. The CMA can also help sellers avoid making unnecessary improvements before the sale. If you’ve been thinking about remodeling your kitchen or replacing the siding, the CMA will show you which improvement will net you a higher ROI in your area.
Before you begin knocking down walls and laying tile, have a CMA produced so that you spend your money wisely when making improvements or upgrades before listing your house.
What is a CMA in Denver Real Estate Part Three: Who Produces the CMA?
Again, the CMA is not an appraisal. The seller’s agent completes the CMA. The agent will come to your house and do a general inspection of your home. It’s not as in-depth as a full inspection or appraisal. Your agent will just assess the overall condition of your home compared to others in your neighborhood.
Your agent will use location-specific market data to analyze current market trends and assess how much similar homes in your neighborhood are selling for. Then, they will use that information to set your asking price. Your agent can effectively produce the CMA for you because they have access to listings which are not publicly listed and up-to-date market information.
Therefore, if you are planning to make any upgrades or improvements, you should let your agent know. They can use that information to make a much stronger assessment and will be able to make recommendations about which improvements are most beneficial to you.
What is a CMA in Denver Real Estate Part Four: Is a CMA Mandatory? How Can I Learn More?
The CMA is not mandatory but, indeed, it is necessary. Your agent’s job is to put you in the best position to get a good return on your home. There are many reasons to use an agent to help you sell your home. Most importantly, an agent-produced in-depth CMA can help you price your home to move. Long time Denver real estate expert Phyllis Ursetta is available to help you.
Phyllis Ursetta — a Denver-born-and-raised Italian — has owned her award-winning Denver brokerage for nearly 30 years. Phyllis began her Real Estate career with Dana Crawford in 1991. Then, she started her own Company, Integrity Realty, in 1992. Integrity Realty earned recognition from Colorado Biz as one of Colorado’s Top 100 Women-Owned Companies for five years running.
Today, Phyllis continues to be a high producer of Real Estate sales in Denver. She is currently available to help folks who are selling their Denver home to achieve the best possible outcome. Give her a call or send her a text today to start talking strategy. Let her put her decades of experience in this market to use to make your real estate dreams come true.
