A Comparative Market Analysis
What is the best price to sell within 90 days?
What similar homes have recently sold in my area?
What was the difference between what they sold for vs. the original listing price?
Find the answers to these questions and many others! Gateway Realty LLC is offering a free Comparative Market Analysis on your home!
Before you can sell your home, you need some idea of what it is worth. The first step in this process is to generate a Gateway Realty Comparative Market Analysis (CMA). Some people call this a Competitive Market Analysis, but what we are really doing is comparing your home to other similar properties. This comprehensive guide is essential to establishing a listing price for your home. It is only an estimate, but it is an important starting point for you and your agent to understand current market conditions.
After generating the CMA, your real estate agent will want to do a walk through of your home. This is where the chickens come home to roost (so to speak.) Your agent will make recommendations on what you can do to sell your home for the highest price, in the shortest amount of time possible.
The Value of Your Home
The value of a home is based on much more than just the house itself. There are many factors that need to be considered to determine that value:
Location is often the number one factor that determines the home value.
It is crucial to set a realistic price from the beginning. The price will affect how long a home stays on the market. This CMA will help establish an appropriate price point. The asking price may need to be adjusted once the house has been on the market for a time.
Buyers will compare the price of your home to similar properties available in the area as well as those that have recently sold and are currently on the market.
First impressions are important. Buying a home is both emotional and subjective; therefore, make sure that your home looks good both inside and out.
The real estate market is in a constant state of flux. It cannot be manipulated and is difficult to forecast.
Conditions such as foreclosures and short sales significantly impact home values.
What is in the CMA
The Subject Property
This is your home. Where is it located, how many bedrooms and baths, what is the square footage.
If you have been around real estate at all, you have heard this term. But what are comps in real estate? Basically “Comps” are homes that are “comparable” to yours. Similar size, number of bedrooms, number of baths, location and acreage are all factors that are considered.
Comps are guidelines. The condition of the other homes, special improvements and updates and the age of the comps relative to changes in market conditions are additional factors that need to be considered.
Each of the comps are summarized in the CMA:
Then, each sold home is broken out individually with a description and pictures:
We then generate a series of summary reports for the properties shown: