Jun. 8, 2006 - It Starts With A CMA
OK, so you have been getting all of those post cards from all of the famous agents in the area. Look at those just listed prices. Man oh man, my house is worth a small fortune. Is it really?
It might be, but then again.................
The CMA, meaning either competitive or comparative market analysis, is trickier than comparing pictures on post cards. Actually, it's an art form. Pictures and prices on a little piece of card board are pretty meaningless when it comes to pricing your house. I am surprised now a days when even the agents picture remotely resembles the agent. I know of an agent who sends out cards with a picture of herself holding a cute little dog that has been dead for three years. Those nice priced just listed cards you find in your mailbox (usually addressed to resident of, or occupant of. What a nice personal touch, huh?) are designed to make the agents phone ring, not to help you price YOUR house.
It would be nice if the just sold post cards you get had sold for prices on them. That would at least be a truer measure of your houses worth, if of course your house was very similarly appointed. Now you can get the sold prices of houses in the area in most local newspapers. There is usually a property transfer section in the real estate section once a week or once a month, but you better drive by that $600,000 home a few blocks over and make sure it's a three bedroom slab ranch just like yours. Some one might have torn that $275,000 slab ranch down in order to build one of those mini castles we've been seeing lately.
Any way, a good real estate agent (like myself) can do pretty tight search of what has been happening in the area over the last few months, in order to give you the best guidance and advice possible. That is where we begin earning our commission
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