Why You Should Perform an Annual CMA (And How to Do It)
If you listed your Cary, Raleigh, or other Triangle home for sale tomorrow, what would your asking price be?
If you’re not sure about the answer, you’re certainly not alone. After you purchase a home, chances are that you don’t regularly peruse the Cary Multiple Listing Service (MLS) to see what properties are for sale, so it’s easy to be unclear on whether your home’s value has increased or decreased in the years since you first bought your property.
But knowing your home’s value can come in handy in several ways.
For one thing, it’s a key piece of information that may affect your future decision to sell your home, upgrade to a new home, or stay put. For another, because a home is traditionally an American’s biggest investment, it can provide a clearer portrait of your net worth, and how your investment is paying off.
So how do you determine your home’s value? It starts with a CMA
A CMA, which is formally known as a “Current Market Analysis,” provides an in-depth overview of your home’s value by looking at comparable properties that are currently listed for sale, under contract, or recently sold. A CMA typically entails between 3-6 comparable properties, depending on market availability, and takes into account other outside factors as well, such as current interest rates, or the number of homes in your neighborhood that are presently for sale.
Most established real estate brokers recommend that you request a CMA at least once a year, especially if you are thinking of selling your home at some point in the future. It could be months from now, or it could be years away – but knowing your home’s value can help you determine the right time to list your property on the market.
How do you get a CMA?
You can certainly scope out the Cary MLS on your own and find properties for sale in your own community to get a better idea of your home’s value, but this doesn’t provide the complete picture. For one thing, a home’s asking price may be vastly different from its eventual selling price, and for another, just because a home is on the market does not guarantee it will sell, and some comparable properties that are active on the Cary MLS may have been sitting on the real estate market for months or even years.
Instead, your best bet is to reach out to an experienced Cary real estate broker
A Cary real estate broker will generally be happy to prepare a CMA for your property as a complimentary service. A Cary broker has access to those under contract and sold properties that make a big difference in determining your home’s value, and has an in-depth understanding of the many factors that come into play that determine property values – from the national interest in the local market, to local and state regulations that may impact home sales.
Ready to see how much your home is worth? Contact your Cary real estate broker, Lynell Eaddy, today.
Get the ball rolling on knowing your home’s value, and your net worth, by requesting a CMA, and let’s work together to continually find that optimal time to list your Cary home for sale.