WHAT IS A COMPARATIVE MARKET ANALYSIS?
A Comparative Market Analysis is the process that Realtors use to calculate the market value of properties we market. In short, we refer to them as a CMA.
STEPS to a CMA
The first thing we do is visit the property and have a very thorough walk around. Visiting the property is a must. It's never professional to offer a price range sight unseen, on the spot, or over the phone. It would be like calling up a car dealership to ask them how much they think your blue car is worth. I take the research of a properly done CMA very seriously and perform due diligence with thorough and detailed data collection.
I then calculate a price range for your home using relevant and current data and using several unique methods. Realtors have access to valuable data that we use to find comparable properties. We look at everything; condition of home, square footage, number of bedrooms, baths, similar neighborhoods, lot size, amenities, upgrades, maintenance, etc. and I then proceed to find active or recently sold properties that are similar. Data is carefully analyzed with all comparables and + or - adjustments are made if necessary.
In a stable market, the sold price of properties will have more relevance, but in a more volatile market, listing prices will be more relevant. How long these comparable properties have been on the market as well as overall market condition and trends will also factor greatly in my analysis. Cancelled and expired listings will also have an impact, usually based on over optimistic pricing.
Once I have completed the Comparative Market Analysis, I will either e-mail it to you or present a printed copy of this handy report that will have all of the data I have found to come to my conclusion. I then go over the report with you thoroughly to explain the analysis.
The CMA should make sense to a potential seller and support the recommended price range I've given you.
WOULD YOU LIKE A MARKET EVAULATION OF YOUR HOME?
Call me at 204-573-4331 or email me at firstname.lastname@example.org for your FREE MARKET EVALUATION.