Knowledge is Your Power For The Freedom of a Worry- Free home!
Your Real Estate Agent should run a CMA for you. ( Comparative Market Analysis )
The CMA should provide you with information about the homes that are being compared, like the square footage, the number of bedrooms and baths, the listing price and the selling price. Be sure that your Agent is only investigates the homes that are similar to the home you are wanting to buy. It does you no good to compar a three - bedroom, with two-bath home to your four-bedroom, with only one bath home selction is really of little value to you. A CMA that shows properties from a neighborhood four or five miles away is also of little value to you. Your CMA report should list the sales of similar homes in the immediate neighborhood of the home you want, within the last year. The more current the information is the more the CMA well be of help to you in determining the offer you should make on the home. It's really best to be looking at homes that have sold in the last few months in the neighborhood of the home you want to buy. The CMA is a really valuable piece of information to you because it's based on fact rather than on opinion. To really get the most out of the CMA report, you shoud really concentrate on what the homes sold for rather then the listing price. The listing price and the selling price are uselly very different from one another. By looking at the selling prices, you can avoid offering way too much for the home. After you have came up with your offer for the home, your Agent can also use the CMA to show the listing Agent why your offer is fair and withing the market price of the neighborhood.
From what I understand only Real Estate Agents that are represntatives of buyers have access to the CMA. So if you should be working with a sellers agent, your not going to be able to obtain this information. This is way it's recommended for Homebuyers to work with a Buyers Agent when looking to buy a home.
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This posting and the contents that are written here are the intellectual property of Baker Home Inspection and Consulting. All views and opinions expressed here by Baker Home Inspection and Consulting, and those that are kind enough to leave a comment are just that.
Baker Home Inspection and Consulting Blog is a part of the Active Rain Real Estate Network, which is a social community network made up mostly of Professionals in the Real Estate Industry.
Link to Part 1 of First Time Homebuyers Across America
Link to Part 3 of First Time Homebuyers Across America
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Dale... this is such important information. I am surprised how many people do not have CMA's before they make an offer. I hope everyone reads this post! Brenda :)
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