Ask Agent Aaron: Can a CMA Help Me Sell My Home? | Homes for sale Austin TX | Agent Aaron at 512-845-4204
When meeting with potential clients who may want to list their home for sale in or around Austin, TX, I provide an initial Comparative Market Analysis (CMA) at the first meeting of substance. It is typically generated with Austin MLS statistics. While it is a good start to my comprehensive listing analysis, it is hardly complete at that time.
Many of these potential clients look at this calculated analysis and take it with a grain of salt. They seem to expect it to be doctored in some way to make their house worth less than they think it must me.
But a properly prepared CMA is a wonderful pricing tool. Here are some of the criteria I use to create a comprehensive Comparative Market Analysis for sellers in and around Austin TX:
- Homes sold in the neighborhood or area within 1 year, 6 months, and 3 months.
- Assessment of homes currently for sale in same area; including price per square foot, days on market.
- Compare prices per square foot of homes sold vs. homes on the market.
- Compare days on market to $/SF.
- Look for positive and negative features of potential client's home and compare to like properties sold and for sale.
- Assess condition matrix, which includes overall needed repairs, potential repairs that are cosmetic vs. functional, how the home shows "as-is" and if the home could list for more if X repairs were made, etc.
- Sellers' motivations to sell their home.
While the home sales in Austin, TX have not been as greatly influenced by national market forces as many other parts of the country, there certainly has been a reduction in number of qualified borrowers/buyers and an increase in options for those rare buyers.
Some sellers are selling because they can no longer afford to keep their home and they fear foreclosure. But there are still a few selling for more traditional reasons, such as up-sizing, downsizing, job transfer, want to be closer to family, etc.
But the market is bottom-line based; cold and uncaring. Eventual home sale prices are being decided more by a lender's appraisal than a seller or real estate agent. So, it makes sense for potential sellers to heed the advice of a trusted real estate agent at the start of the process, even if the news is not what they want to hear. It can save a lot of heartache during the sale process.
Should you need to discuss selling your home in or around Austin, TX, please give me, Agent Aaron, a call at 512-845-4204 and take advantage of a no-obligation phone call to get to know each other as well as find out a little more about what your home may be worth.