DETERMINING YOUR PROPERTY'S VALUE
A Competitive Market Analysis (CMA) is designed to estimate the value of your property under current market conditions. It is, by definition, the highest price your property will bring if it is put on the open market today. A CMA is a very time sensitive assessment and is created by looking at the property itself, as well as three outside factors:
- Current comparable listings
If there are a large number of comparable properties for sale, there is more competition to attract buyers.
- Comparable listings that have sold recently
When Darla looks at properties that have sold and compare their list price to the actual selling price, she learns a lot about the strength of the market for properties like yours and values buyers are assigning to properties in your area.
- Comparable listings that have expired
Expired listings often reflect a property that was overpriced. Studying these statistics can help Darla price your property right from the start.
Questions to consider:
- How many properties like yours are currently for sale in your neighborhood?
- What have comparable properties been selling for?
- Which properties in your community didn’t sell?