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Andrew Mckay
Sales Representative
705 441 3179
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What Is A Comparative Market Analysis??
A Comparative Market Analysis (CMA) Is Critical Before Listing Your Home
“It’s like comparing apples and oranges”
Most home owners think their house is worth more than it is. Partly it is an emotional response as it is “our” home. This is more than understandable.
More importantly though, not understanding the local market is the reason.
People can spend too much time on line looking at real estate sites and comparing their home to a totally inappropriate recent home that has just sold or someone told them that a house down the street sold for such and such amount. Like a game of Chinese whispers the information we hear from friends and family can be completely wrong.
Pricing a home correctly is probably the most important factor in getting a home sold. The CMA will illustrate in “real time” what a home should sell for using local market data.
The process begins with identifying homes that are similar in size, style, age, location, and in the same neighbourhood. These homes will fall in to one of 3 categories:
1) Active Listings. In effect this is the competition; simply put a home must be priced competitively with these listings.
2) Sold Homes. The more recent the sale the more relevant the price achieved. These figures will indicate what the market value is.
3) Expired Homes. The pricing on homes that have not sold will reveal what buyers are not willing to pay and set an upper limit to what a home should be listed at.
The above criteria avoid subjective influences such as: “Our home is nicer than those houses”; “People always offer less than asking”; “We can always come down on price” and “We have to get that much out of it.”
You’ve decided on the price now is the time to make the new lisiting sparkle.
