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For Sellers The Value of a CMA A Comparative Market Analysis (CMA) provides sales information on similar homes in your neighborhood or area. CMA results can help prevent your home from being overpriced. An overpriced home is harder to sell—if it sells at all. Homeowners often ask for more than what their home is worth for the following reasons:
Homeowners making major home improvements without the benefit of a Comparative Market Analysis (CMA), risk increasing the value of their home beyond the acceptable price range of neighboring homes. It is hard to sell a home whose fair market value is much higher than neighboring homes because most buyers won't risk not being able to sell the home later. Over improving a home rarely works out for the best unless other neighboring homeowners make similar renovations or there are compelling reasons for a buyer to purchase the home. Homes that are overpriced are also extremely hard to sell because their value doesn't match the asking price. People overprice their homes for a variety of reasons. Sometimes, homeowners overprice because of their emotional involvement in the home—they know how much work and love they put into the home over the years and wish to recoup their time, money, and effort. Overpricing may also occurs when the homeowners are oblivious to the acceptable price range for their home. In both cases, if the homeowners can be brought around to accept what is a fair price for their home, their homes will eventually sell. The home that is least likely to sell is the home that is overpriced because of financial debt. Homeowners trying to pay off their debts by overpricing their homes are not likely to sell in a reasonable amount of time if at all. To improve your chances of quickly selling your home, pay attention to the CMA. If you ignore the advice and insist on overpricing your home, don't be surprised if your home sits on the market longer than normal or doesn't sale at all.
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