What is a Comparative Market Analysis (CMA) in Macomb County MI Real Estate?

CHESTERFIELD TWP, Mich. - March 17, 2015 - PRLog -- Understanding the Comparative Market Analysis
Deciding to move isn’t a step anyone takes lightly. Your house is more than just an investment, it is your home. As you begin the process of distancing yourself from the place where you made so many lasting memories you will begin to think about what your home will be worth to someone else.

When you are ready to meet with a Realtor you may already have an idea of what your home is worth. You may have seen what other homes in your neighborhood have sold for or kept an eye on local listings. Your agent will prepare for you a comparative market analysis (CMA) that is an in-depth version of any research you may have done on your own.

The CMA is used to help evaluate how your home will fare against the competition. It takes a look at both homes that are currently listed and those recently sold. The purpose is to find the highest price that will still make the home competitive on the open market.

A Portrait Of Your Home And Its Surroundings

The CMA includes a fact-based portrait of the home including information such as number of bedrooms and baths, approximate square footage, size of major rooms, age of the home, property taxes, and desirable amenities such as fireplaces and pools.

Depending on the market the CMA will go back in time as long ago as a year or a month or week ago.  The range can also vary. Some will just cover a few streets around your home, CMAs can cover areas as narrow as one or two streets surrounding your home, or as broad as an entire subdivision.

Beauty Is In The Eye Of The Beholder (Or Potential Buyer)

Selling a home isn’t just about the facts. There are many pieces to the puzzle and it’s often the indefinables that impact a potential buyer’s perception of the home. A home purchase remains fundamentally personal. Speaking at a local RE/MAX conference, Rick Giese associate broker at RE/MAX Advisors, defined real estate, especially at the high end, as being primarily emotional.  He said that 90 percent of the transactions that Rick has seen in is 27 year career are influenced by the buyer’s emotions versus rationalization. Perception can alter reality and so this is an important consideration when looking at a CMA. People make decisions based on curb appeal, light, design choices and many other factors.

At the end of each home’s information on the CMA report there will be a brief statement provided by the listing agent that will address some of these subjective factors such as recent remodels, historic features, or things that might be of interest to the buyers. The agent will be marketing the home and is already thinking about how it will be presented as a product to tempt the public.

The Changing Face of the CMA

The CMA today is different than it was before the internet era partly because the potential seller does so much of their homework ahead of time. Rick Giese goes on to explain how technology has changed the CMA: “If anything, it has increased the amount of avenues now available to display more accurate and precise information ranging from short sales, standards, all the way up to luxury. It also has allowed little room for error as clients can accurately research the information for themselves.”

There are still resources that agents have access to that most sellers do not. Also agents have the experience of listing, marketing, and selling many homes on their side. A local expert will know what buyers in the area look for and be able to easily assess how your home measures up. Together you and your agent can find a price that brings you what you need and will be attractive enough to attract your home’s new owner.

Want to know today's present market value of your  home or condominium? Check out our online CMA site at http://www.mymihomevalue.com/

Consistently ranked as one of Southeastern Michigan's associate brokers of Seniors Real Estate Help, Equity Sales and Short Sales. Rick Giese has over 27 years of Real Estate experience and is one of the areas Rick has a strong focus on assisting homeowners in need, Rick Giese offers a straightforward no nonsense consultation designed to give you all the information and facts to enable you to make the best decision for you and your family. As every situation is different, Rick offers his insight and knowledge of the real estate transaction process and all the options available to you to get the most money the market will pay or to help you avoid foreclosure. Call Rick Giese today at toll free 1-800-274-5656 or your free consultation of your situation and sleep better tonight.

For more information, contact Rick Giese at 586-242-3100 or eMail rick@rickgiese.com