Why you need a CMA from a real estate professional
Each area demographic is different. Palisade, Colorado is no exception. What is a CMA exactly? Real Estate professionals pull together a report with active listings, under contract listings, and sold listings, usually based over the course of 6 months. In the Palisade area it may be required to go back 1 year to get enough data to provide value information for your property. It is easy to get an idea of value in a subdivision, but once the subject property steps in the world of “unique” property it requires a strong sense of the local market.
Getting a market analysis from a local Real Estate professionals allows you to interview different agents as well so once you are ready to list you already have your realtor in mind. The trick to any CMA is the Real Estate professional’s knowledge of the area.
Understand these “comps” will have realtor fees built into the price. The following information is directly from the National Association of realtors “89 percent of sellers sold with the assistance of a real estate agent, up slightly from 88 percent the last three years, and only 8 percent (down from 9 percent) were FSBO sales”.
Remember, when your Realtor gives you a CMA report the numbers have realtor fees built into the price. Try to resist the urge to price your home at CMA price + Realtor fees. And remember, consider your time frame when pricing. Do you want your property to sit? Or, do you want it to sell? Less time on the market means fewer monthly bills on the property which means more money for you.