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GET YOUR FREE MARKET ANALYSIS TODAY!
When you price your home above its market value, fewer buyers will show interest in your property. When you price your home below market value, you increase the number of interested buyers. In the end, the price you set and the interest you create should reflect your selling goals.
What is a Comparative Market Analysis? A CMA can vary from a two page list of comparable home sales to a 50-page comprehensive guide. A Standard CMA report will include:
- Active Listings: Active listings are homes currently for sale. These listings matter only to the extent that they are your competition for buyers. They are not indicative of market value because sellers can ask whatever they want for their home. It doesn’t mean any of the prices are realistic. The offered sales prices do not reflect market value until they sell, and in buyer’s markets, for example, most sell for a lot less.
- Pending Listings: Pending sale homes are formerly active listings that are under contract. They have not yet closed, so they are not yet a comparable sale. Unless the listing agent is willing to share information about the pending sale – and many are not – you will not know the actual sold price until the transaction closes. However, pending sales indicate the direction the market is moving. If your home is priced above the list price of these pending sales, you could face longer days on the market.
- Sold Listings: Homes that have closed within the past six months are your comparable sales. These are the sales an appraiser will use when appraising your home for the buyer, along with the pending sales (which will likely have closed by the time your home is sold). Look long and hard at the comparable sales because those are your market value.
- Off-Market / Withdrawn / Canceled: These are properties that were taken off the market for a variety of reasons. Usually the reason homes are removed from the market is because the prices were too high. The median prices of this group will almost always be higher than the median prices of comparable sales.
- Expired Listings: This group will reflect the highest median sales price because they did not sell and were probably unreasonably priced. Some of the expired listings could also show up as an active listing, listed by a new agent at a new price.
Before putting your home on the market or listing with a real estate agent, get a Comparative Market Analysis, The Herrington Realty Team wants to offer you this FREE report to tell you how much your home is worth. Click the HOME VALUE button below to get your FREE home market evaluation today.
Ready to Buy or Sell Your Home? Now is a GREAT Time! The Herrington Realty Company has Madison MS, Brandon MS, and Ridgeland MS agents eagerly waiting to assist you.
We have several Homes for Sale in Madison MS, Brandon MS, and Ridgeland MS. Search the local MLS for 1000’s of homes in the Jackson, MS Metro area.
