the total number of rooms, the number of bedrooms and bathrooms, and other components. There are, however, no fixed rules on how to conduct a CMA. Other features that may be considered include amenities like a swimming pool or a fireplace, the location of the property, proximity to landmarks and major roadways, recent improvements made, and so forth. In a CMA, several useful insights can be gained from recently sold homes, active listings, pending listings, and expired listings. It is not an easy task for a homeowner to secure access to the MLS data needed to calculate a realistic CMA. Without a real estate agent’s help, the average seller is unlikely to have access to solid data on recently sold houses or active listings. Still, there are some resources available, and the Internet and Federal Housing Finance Agency (FHFA) can facilitate learning more about home sales that happened in your locale. Some of the most reliable sources to learn about home pricing trends include the Federal Housing Finance Agency, the FNC Residential Price Index, and a variety of real estate websites.
WHEN TO RAISE OR LOWER
Though you may arrive at a listing price based on market studies and a CMA, you might still come across some occasions or confusing situations when you wonder whether you need to raise or lower the listing price.
Here are a few things to help you make the right decision:
Giving an indication that your price is competitive may not invite more customers. The industry today is highly competitive all around. However, it will amount to defeat if you are constantly adjusting your price, attempting to match or beat others. The list price really matters, and often, you will need to raise it to project a better image. Know that you never need a justification for why you are increasing the price; it’s your house to sell, and you have
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