Real estate agents have direct access to the most accurate comps data in the MLS. They also have years of experience spent studying shifts in local market trends, since after all, their livelihood depends on that knowledge.
Agents won’t just pull the comps for you, they’ll compile and analyze the data in a report known as a comparative market analysis (CMA).
Real estate agencies have developed sophisticated digital tools to compile their CMAs. These tools comb through and rate all of the data pulled from the best comps to give you the clearest picture of your home’s current market value.
Then they further finesse those numbers provided by the CMA with their own personal knowledge of buyer trends and market swings.
After that, they’ll contact their network of brokers and bankers who can give them an idea (if not the hard numbers) on currently pending sales.
And the beauty of all of this is: you don’t have to hire an agent to get a CMA. Agents will pull comps and put together a CMA for free to bring to the introductory meeting as part of their sales pitch.
For example, if you use HomeLight, you’ll get multiple referrals to top agents with track records of successful home sales in your specific neighborhood. You’re then free to interview as many as you wish.
Each will bring a CMA and give you their personal, expert analysis of the data. You’re then free to make your decision on hiring one of the agents.
Going with an agent is the smart play because the real estate market is fluid and ever-changing. When you go it alone, you’re solely responsible to keep on top of new comps throughout the entire sales process.
For instance, let’s say a pending sale closes two days before you’re set to list your home. The list price will need to be adjusted accordingly—if you’ve spotted the closed sale in time.
You’ll even need to keep an eye on pending and recently closed sales after you’ve accepted an offer, too. Otherwise, a nearby home that’s just sold for less than yours can tank your appraisal.
If you’ve hired a top-tier agent, you’ve got an advocate who’ll be keeping on top of new comps from before your home is listed until the closing documents are signed, sealed and delivered.
Finding and analyzing comps to nail down the right list price is tricky business for any homeowner to tackle alone—but it can be done. Thankfully, there are plenty of expert agents around who are willing and able to do the work for you.