Savvy home sellers in Fairborn often use a comparative market analysis (CMA) before listing their property with a real estate agent. A CMA is the most common way to give a home an approximate value based on the prevailing market trends. Most real estate agents offer CMA as a free service while pitching their services to prospective clients.

What is a CMA (Comparative Market Analysis)?

A CMA refers to a document that is prepared by a real estate professional to help their client determine the selling price of their home. It is determined by pulling other comparable homes in your general area, which have sold in the recent past as well as other active and expired listings.

The homes are assessed for their selling price, improvements, square footage, time on the market, and other variations.Since CMAs are purely based on data, they remain highly subjective. Ergo, when comparing your home to other similar properties, it may be hard to accurately account for other things such as your home's desirability, curb appeal, or architectural style. This is where the experience of our REALTORS® can help you.

Data Found in a CMA

The length and complexity of your CMA report depend on the business practice of your real estate agent. They can vary from two-page lists to 50-page comprehensive guides. A standard CMA tends to contain the following:

1. Active Listings
   These are homes presently for sale. They matter because they are your competition. Since sellers can set their home prices based on some personal considerations, active listings are not indicative of the prevailing market value. The offered sales prices don't reflect the market value of Fairborn homes until they sell.
   
   
2. Sold Listings
   Comparable sales are homes that have closed in the past few months (between three and six). Appraisers use these sales when appraising your property for potential buyers looking for Fairborn homes. Always consider comparable sales during pricing since they represent the market value.
   
   
3. Pending Listings
   These refer to formerly active listings placed under contract. Since they are yet to close, they are not a comparable sale. You will often not know the actual selling price until the closing of the transaction or unless the listing agent shares the information.
   
   
4. Expired Listings
   Expired listings did not sell for one reason or another. Thus, they reflect the highest median sale price. Listings also expire due to other factors like poor marketing or poor condition of the home.
   
   
5. Off-Market Listings
   These properties were taken off the market due to several reasons such as:
   • They were priced too high
   • Seller's remorse
   • The seller refused repair requests from a buyer
   • The seller fired their listing agent

How to Examine Comparable Sales

Comparable sales refer to sold homes that closely resemble yours. When deciding how to price your property, select the properties from a CMA list that are almost identical to yours in shape, size, and condition. Such as similar: square footage, age of home, amenities and upgrades, condition, and location.

When determining the price of your home, enlist the services of an experienced real estate agent like our team at Wright-Patt Realty. 

Contact Wright-Patt Realty when you're ready to list your Fairborn, Ohio home for sale.