COMPARATIVE MARKET ANALYSIS
Before putting your home on the market with a Realtor you might choose to have a Comparative Market Analysis or CMA. At Sceles Realty Ltd this is a complimentary service when you are going to list and gives the Seller an idea of how much their home is worth. Most CMA’s contain the following information:
Houses currently for sale only matter in that they are your competition. They do not indicate market value and in a Buyer’s market these properties could sell for much less than the asking price.
These are sales that have accepted offers but often you do not know what the accepted offer price is until the transaction closes. If you are listed above the listed price of these conditional sales you might need to consider a longer listing time.
Properties that have sold within the last 6 months to a year are your best comparable sales. These will most accurately reflect your market value.
Listings are withdrawn or cancelled for many reasons. Sometimes these properties were priced too high and this should be considered when pricing your home.
Expired listings were often priced too high. They should also be given consideration when determining your market value.
When examining comparable sales the following features are most often compared to help you realize the value of your home:
- Similar square footage
- Similar age of home
- Similar upgrades, condition
- Similar amenities