When a Denver Real Estate Agent tells you they will do a CMA they are talking about a Comparative Market Analysis and they are looking to find out how much your house is worth.
They may be doing this for you before and during the sale of your property. We also prepare CMAs for buyers to help decide how much to offer for a property. Basically we are looking to compare your property to properties that have sold in the neighborhood and take the following into consideration:
- Style (ranch, two story, etc)
- Size (square feet, bedrooms, bathrooms, lot size, etc) other houses need to be within 20% of the size of yours
We also take into consideration the houses in the area that are under contract and that are on the market. When we are looking to price your house for sale, it is important to put yours in the best position possible when you have competition. When you are looking at it from a buyer stand point trying to make an offer, you want to be sure the house is price correctly to start with so you know how to offer.
There is a bit of an art and an instinct to this, as well. After doing this for 12 years I can easily say that there are trends that we just see instinctively, and there things we just know will be the clincher for a quick sale. As we sell more and see more in this business and we acquire knowledge that cannot be taught and relationships with experts who help when you need them, like appraisers, who know what the banks are looking for as the market changes, yet again.
Remember a CMA is NOT an appraisal and is done by a Real Estate Agent and not an appraiser. Real Estate Agents in the Denver Real Estate Market typically do Comparative Market Analysis’s for free and they not as exact as an appraisal. Appraisers charge to do an appraisal.
If you would like to know how much your house is worth, you can call or email me, or fill this form out and I will start looking into it right away!
If I can answer any of your Denver Real Estate questions, please email or call me, I’d be glad to help you.