Homebuyers Should Use a Sellers’ Agent Tool to Get a Better Deal

Published On: January 22, 2020|Categories: Buyers, First Time Home Buyers, Tampa|Tags: , |

Homebuyers Should Use a Sellers' Agent Tool to Get a Better DealBuying a home is often the most significant financial transaction in life; at least until the next home purchase.  With most mortgages financed at a fixed interest rate over 30 years, it’s also a transaction that’s going to be a part of life for a long time.  If there is a tool or strategy that can help a homebuyer to negotiate a better deal, why not use it?

You may have to suggest this strategy to your buyer agent, as many do not use it.  It’s commonly considered a seller side tool to determine the listing price for a home.  The Comparative Market Analysis (CMA) is a process that uses recently sold prices for similar homes to estimate the amount at which to list a home.  Here’s are the high points for how it works:

  1. Recently sold prices for similar homes in the same neighborhood are gathered, usually three to five houses.x
  2. The sold dates should be as recent as possible to avoid using outdated information not relevant to the current market.
  3. As some of the chosen comparable homes (comps) are not identical in size and features to those of the house to be listed, the listing agent adjusts the sold prices to bring them closer to what the home would have sold for if precisely like the home to be listed (subject home).
  4. Once adjustments are complete, the agent computes the sold price per square foot for the homes and averages them.  The agent then multiplies the average price/square foot of the comparable homes by the square footage of the subject home, and this yields the estimated list price.

Now that you know the basics of the CMA, why is it something a buyer would want?  The result of a CMA is dependent upon the selected comps.  Different agents choose different comps, and there can be good reasons for doing so.  If your buyer agent completes a CMA, it could yield a different value for the home, perhaps in your favor.  If it produces a higher value, then maybe you’re already looking at a bargain.

The most important reason for having your buyer agent calculate a CMA for you is dependent upon how long the home has been on the market.  If homes are selling quickly, the market evolves quickly, and the value of the property could be significantly higher or lower than when the listing agent completed their CMA.  Either way, it’s useful information for the buyer.  Seller agents can get behind a market and not be updating their CMAs for their sellers.

If you’re shopping for a buyer agent, check their information or website to see if they mention they provide a CMA as a part of their buyer services.  If speaking to one, ask if they will provide one and let you see the comps they select.  You could be very happy with the advantage you gain from the result.

Are You thinking of buying a Home in Tampa Bay?

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In the meantime, check out these 1 click searches:

Beautiful Townhome in Hunters Green $349,900 Pending

17543 Fairmeadow Drive Tampa, Florida

2 Beds 2 Baths 1,747 SqFt 0.090 Acres

This delightful 2 bedroom, 2.5 bath Townhome in the well-manicured community of Copperfield Townhomes boasts numerous updates and a spacious open feel with vaulted ceilings and additional natural lighting and views exclusive to the end units. The kitchen features all new appliances, solid oak cabinets, beautiful quartz countertops, an elevated countertop with additional storage on the back side, and a convenient pantry closet. Beyond the kitchen is the finished lanai, with AC and a large storage room, or step out to the screened-in porch where you can enjoy a relaxing cup of coffee and early morning breezes. The half bath, an interior laundry nook with New full-sized washer and dryer, and the spandrel under-stair storage closet complete the downstairs. Upstairs you’ll find a split bedroom layout with the master bedroom and second bedroom being separated by a bonus space which is perfect for a home office or game room. Both bathrooms upstairs feature new shaker-style vanities with beautiful quartz countertops. The second bathroom offers a walk-in shower with new contemporary tile, while the master provides a tub/shower combination. The spacious master bedroom suite boasts a walk-in closet as well as a wall closet, a linen closet, and two nice-sized windows. Other notable features include a newer water heater (2020), new A/C unit, updated electric, new water softener system,gorgeous wood-look laminate flooring throughout, stylish baseboards, chair rails, full-sized washer and dryer, ceiling fans, and ample closets & storage. The well-manicured Copperfield Townhome community is pet friendly (with restrictions) and offers a sparkling community pool, sidewalks, and maintenance-free Florida living. Take advantage of plenty of parking with one assigned space at your front door and guest parking nearby. Centrally located with easy access to the Veterans Expressway, shopping, restaurants, Tampa International Airport, and beaches, this charming home offers both comfort and convenience.  Don’t miss out. Schedule your private tour today! $299,900 Active

7524 Hollowell Drive Tampa, Florida

2 Beds 3 Baths 1,396 SqFt 0.020 Acres

Look no further! This stunning block home is the epitome of what you've been searching for. Meticulously maintained, it boasts 2 bedrooms, 2 bathrooms, plus bonus add-on rooms. With granite countertops in the kitchen, ceramic tile throughout, and a 2023 roof and A/C, this home offers both style and substance. Freshly painted inside and out, it exudes charm with beautiful stone detailing on the exterior. Enjoy the convenience of no CDD or HOA fees, and relish its prime location just minutes from the highway for an easy commute, close to Tampa International Airport, fine dining, and fabulous parks. Don't miss out on the opportunity to make this income-producing property yours! $379,000 Active

2405 Durham Street Tampa, Florida

2 Beds 2 Baths 1,488 SqFt 0.110 Acres

Welcome home to this lovely open concept townhome in North Tampa. As you walk in, you'll be greeted by an updated open style kitchen, which is not typical for this community. Washer and dryer are located inside the townhome for convenience. Upstairs you'll find two spacious bedrooms each with their own bathroom. Flooring has been updated throughout the home. Lighting has been updated as well with LED lighting in some areas. Another rarity, is a wood burning fireplace which is located on the living room. This townhome offers a rare backyard space which is chic and spacious. It's a perfect place to hangout and grill. The backyard is also fully fenced in and has a storage closet. The community offers a pool and tennis courts as well as ample parking for both residents and guests. The HOA takes care of all exterior and community maintenance. This unit has a newer roof and siding! The location is ideal with easy access to I-275. $260,000 Active

13813 Stone Mill Way Tampa, Florida

2 Beds 3 Baths 1,261 SqFt 0.040 Acres