If you are selling a home or condominium in Aspen or the surrounding communities, you’ll probably need a comparative market analysis to ensure that you are asking the right price for your space.
But what is a comparative market analysis, and how does it help you sell your home quickly and at the right price?
What is a Comparative Market Analysis?
A comparative market analysis, commonly refer to as a CMA, is a tool that you can use to determine the right selling price for your home.
Typically developed by an experienced Realtor®, a CMA includes intensive research into properties that are similar to yours and in similar locations.
Your Realtor will do extensive research that includes comparing properties that have sold and closed within the past 12 months. He or she will also evaluate properties that are currently up for sale, listings that have sold but have not yet closed, and properties that did not sell while they were listed.
All of the information your Realtor uncovers can help him or her determine the current market value of your home. Typically, your Realtor will only look at homes that are similar to yours in size, amenities and location.
Why is the Right Price So Important?
If you want to sell your home quickly and at the right price, it’s important that you come up with the correct the dollar amount before you put it on the market.
Naturally, if you ask too little for your home, you’ll be leaving money on the table – money that could be used toward paying off your mortgage, your down payment on a new home, or profit.
If you ask too much, your home will sit on the market longer than it needs to; when that happens, potential buyers see it as “stale.” It eventually, you may need to lower your home’s price. Unfortunately, that often leads buyers to perceived as less valuable than the other comparable homes on the market.
Do You Need Help Selling Your Home?
If you are selling a home in Aspen or any of the surrounding communities, we would love to help you. Call us at 970-429-8275 or get in touch with us online. We’ll be happy to provide you with a complimentary CMA so you can sell your home quickly and at the right price.