Monday, May 2, 2011
Market Evaluation Overview
How many times has a realtor knocked on your door and asked if you are thinking about participating in the real estate market this year or in the near future?
No matter where you speak to a realtor, an open house or on the telephone, you were probably asked if you would like a FREE MARKET ANALYSIS done on your property.
Well, here's an overview of how a CMA works:
It's YOUR home versus every other comparable property in the immediate area. This is how we, agents, help our sellers establish a realistic Asking Price. Recently SOLD's, Expired, and active listings MUST be taken into account to establish an acceptable price range. This is not the time to test the market. In today's market, you have to take great care in compliling necessary information. I can't remember a time when pricing a home for sale properly and relatively accurately has been this important.
The Active Listing
This is your competition. You should try to out-price your competitors while addressing subtle differences in value between your home and the rest. Listen to your realtor regarding price and comparisons. If possible, visit the competition with your realtor to understand the differences and the adjustments to be made for the proper list price.
Learn from the mistakes of others. These homes never sold because they were, most likely, overpriced BUT there may have been unseen defects present.
Matching the sold listings as close as possible serves as a good indicator for how your home will perform in the current market.
Personally, I don't include conditional sales as they may not close and I really don't know what the final price will be. I will treat them as For Sale, but in general, I will not include them.
I try to stay within a 3 month period and then narrow down some more by using comparables to a specific map co-ordinate. This keeps my information relevant and up to date.
It is my job to take all of these factors into account in an attempt to find a happy medium. I do not take this lightly. It may be information that the seller does not want to hear. But, rest assured, to all those who are thinking of listing their house, with a professional on the job, I will not steer you in the wrong direction. Remember, the CMA is just another step on the road to something BIG.
Talk to me. there are no pressure tactics. Just straight forward information. Your dicision is the decision I will respect. Give me a call directly at 416 427 1875. Oh, and by the way, my CMA is also FREE.
Betty Bartusevicius, Sales Representative
Re/Max Realty Specialists Inc., Brokerage
Fine Homes In Nine Oh Five
Web Site: http://www.bettybart.com
PERSISTENT IN GETTING THINGS DONE!! ALL REFERRALS ARE GREATLY APPRECIATED
this is not intended to solicit buyers or sellers under brokerage contract