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Before you have a “For Sale” sign in the yard, or before you submit an offer for your dream home, it is very important for us to discuss a comparative market analysis of the home. A comparative market analysis is an examination of homes that are active on the market, currently under contract, or have sold that are similar to the home you want sell or make an offer on. Sometimes REALTORS® will either call a comparative market analysis a CMA or “comps. This is one of my favorite aspects of being a REALTOR® because it is so math driven. I was a math teacher for 5 years, and I really enjoy number crunching, data, and statistics.
In general, here are some of the data points from a CMA: the number of homes, days on the market, price per square foot. From here, you can look at the minimum, maximum, average, and median.
There are several reasons having me complete a CMA is important.
- If you are wanting to sell your home, having a CMA done will…
- guide you to a price range so that you do not overprice your home or under price your home.
- show you what similar homes are currently active on the market. This will give you the option to price your home competitively.
- If you are a buyer, having a CMA done will…
- show you what similar homes sold for recently. This will guide you on making your offer more aggressive, stronger, and reasonably. This way, you know what would be considered an insulting offer versus one that too much over asking price.
Having a CMA done will also guide us to what the appraiser may appraise the home. I am not an appraiser. If a buyer needs financing for their home, I find the vast majority of the time their lender will require an appraisal of the home. If the home appraises for the sales price or above, the buyer can move on with the contract. However, if the home does not appraise for the contract price, then the buyer will have to negotiate with the seller. Either the buyer has to come up with the difference, or the seller and buyer renegotiate the price based on the appraisal, or in the state of Texas, the contract can terminate.
What criteria do I use to complete a CMA for a home? Every home is different. I like to be as specific as possible when trying to complete a CMA. I like to use the following criteria as similar as possible to the home: square footage, age, city, zip code, and school zone. I also like the most current data available. However, every home is different. As much as I wave my “real estate CMA magic wand” sometimes, I have to make my criteria less specific, so you have more homes to compare.
After I complete a CMA for you, it is your choice what you want to price your home or what offer you want to make. My job is to educate you on your options and choices so that you make the best decision for you.
Especially because interest rates (as of 4/5/19) are low, if you are thinking about putting your home on the market, I would be honored share a cup of coffee, discuss the data, and the process of getting your home ready on the market. Also, if you are thinking about buying a home, NOW IS THE TIME. As much as I wave my “real estate magic wand” I can not predict what the interest rates will be like next year. The choice is yours. I am ready whenever you are.
Kelly Raulston
“Reliable and Ready” REALTOR® since 2016. I was born in Monroeville, Pennsylvania, but was raised in Texas since 1997. When I found out we were moving to Plano, Texas, I remember looking forward to riding a horse to school and a brand-new pair of cowboy boots! Growing up in Plano prepared me to be competitive, quick, and to have a strong work ethic.
I graduated from Stephen F. Austin State University in Nacogdoches, Texas. Axe’em Jacks! That is where my love for East Texas began. The nature, warm smiles, football games, and community values can't be beat! I graduated summa cum laude with a degree in Interdisciplinary Studies. I was a middle school math teacher in Tyler, Texas. I met my husband, Travis, in Sunday school, and we have been married since September 2016.
I love being a REALTOR® in East Texas! Relationships are genuine, the area is beautiful, and the market is rockin’! I am an involved REALTOR® to better the community. Some of the organizations I am involved with are: The Professional Development Committee, Texas Real Estate Political Action Committee, and Tyler Educational Networking Group. Some awards I have won were “The Hustle Award” in 2016, and “Rookie of the Year” in 2017.
When I am not working with my clients, I like to spend quality time with my friends and family doing the following: running, target practice, read and participate in book club, and playing with my dachshund Greta.
