Michael Samuels provides legal services to FSBO and other real estate clients in Cincinnati and throughout Ohio.

A comparative market analysis can help you price your home

On Behalf of | Nov 2, 2023 | Real Estate Law

One of the most critical decisions you’ll make when selling your home is determining its listing price. A listing price is essential for attracting potential buyers, maximizing your property’s value and ensuring a successful sale. Too high or too low, and you’ll lose out.

This is where a comparative market analysis (CMA) comes into play. In simpler terms, this is a comprehensive evaluation of your property’s value informed by recent sales of similar homes in your area. Conducting a CMA can provide valuable insights into the current real estate market and help you find the right price for your home.

How it works

First, you’ll need to gather information about your property and seek data on recently sold homes that are comparable. This data can be sourced online or from real estate publications. It is advisable to use a variety of sources to get a more accurate picture of the market value of your home.

Once you’ve assembled this essential information, you can construct your CMA, which typically includes the following details for each comparable property:

  • Address and description
  • Square footage
  • The number of bedrooms and bathrooms
  • The age and condition
  • The sale price

You can then determine the most competitive price range for your property based on the prices of recently sold properties and their similarities to your home.

Sell your home for the right price

Ascertaining the value of your home is one thing. Navigating the legal process and paperwork to close a sale is another. As such, it’s best to seek legal guidance to assist with the intricate details of the home-selling process and to better ensure a smooth, legally sound transaction. Making this effort can help you avoid common pitfalls and streamline the process, making for a successful and low-stress sale.