Although the “real estate bubble” has yet to burst, a lot of markets are finally experiencing an “adjustment” of sorts, especially as interest rates slowly creep up and buyers are fewer and farther between. Any smart seller will ask their listing agent for a Comparative Market Analysis (CMA) to properly gauge their asking price in these dynamic conditions.
But as a buyer, how can you be sure that the asking price is on the mark, or if your offer is a reasonable one? Some sellers simply ignore current market conditions, expecting to fetch the same prices as a year ago. So you need some assurance. Particularly, you need to know how many homes are on the market now vs. a year ago, and how the average sales times compare.
Well, as they old saying goes, “When in Rome… do as the Romans do!” That’s right – ask a real estate pro to provide you with the very same CMA that the sellers request!
Once you’ve located a home you’re excited about, a CMA report will compare it with similar properties, and give you a very good indication of whether the asking price truly reflects its value. Such a report costs you nothing, yet gives you the peace of mind that your offer is a solid one, and you’re not risking one penny more than you should!
