This is Part 5 of my series “Sell My House, Ryan!” To start at the beginning, click here.
Getting a Comparative Market Analysis (CMA) could be the most important thing you do after you decide to buy a home. But it is also vital before you sell a home!
My client Lisa was ready to sell her Houston Heights home but had no idea what it was truly worth. She went to several websites to get a general idea and each estimate was wildly different:
- HCAD (tax appraisal district) valued the home at $420,000.
- Trulia gave her an estimate of $188,000.
- Zillow ‘zestimated’ the home to be worth $335,000.
As you can imagine, Lisa was a little confused. She thought surely she’d be able to get more. But how much more.
Lisa called me and we discussed her home and after learning a little about it, I put together a comparative market analysis for her home. The CMA gave us good news: the house was worth more. Way more.
We listed the home at $550,000 and within 10 days, had an offer and closed at $545,000. That’s ALMOST TRIPLE what Trulia estimated and well north of every other estimate.
The CMA also protects clients from overpricing their home and watching it sit while others in the area sell quickly.
Make sure you get a CMA when you’re buying or selling a home. It can be quite helpful even to the knowledgable real estate client.