| The most common way a home is given an | | | | the home's architectural style, etc. This is |
| approximate value is a Comparative Market | | | | where the agent's experience can help you. It |
| Analysis (CMA). Most real estate agents will | | | | is VITAL that you first find a good agent, |
| do a CMA as a free service for any | | | | and second, that you take their advice when |
| prospective client. The CMA is determined by | | | | they give you an estimated value on your |
| pulling comparable properties in your general | | | | home. Agents are not emotionally or |
| area that have sold in the past 4-6 months. | | | | personally attached to your home. You, as the |
| The properties are assessed for selling | | | | owner and occupier of the home for years, are |
| price, time on the market, improvements, | | | | most certainly! If you watched your kids grow |
| square footage, and other variations that are | | | | up in the home, celebrated birthdays there, |
| then used to give an approximate value of | | | | had family gatherings, and painted the walls |
| your home. Because real estate markets change | | | | bird-egg blue 10 years ago, you definitely |
| rapidly, a CMA can be out of date in a few | | | | have value in this home that cannot be |
| months in some markets. It is always | | | | expressed in dollars. That value, while |
| important to have a current CMA when | | | | priceless to you, has no worth to a |
| considering the sell of your home. | | | | prospective buyer. That is why YOU should |
| | | | never attempt to price your own home. Let |
| CMAs, while based on data, are still very | | | | someone who has no attachment to your |
| subjective. When looking at comparable | | | | property take on this task. That is, unless |
| properties it may be hard to account for | | | | you want the home to sit and languish on the |
| things such as curb appeal, desirability of | | | | market for much longer than necessary. |