Identifying the Current Market Value for a Property
Friday, January 6th, 2012
How is the current market value determined?
The Real Estate industry uses a Competitive Market Analysis to determine the market value of a home. There are other Internet ‘CMA’ programs out there to use but they fail to be accurate. A true ‘CMA’ is determined when you analyze four different factors of a property.
1. Comparable Property: Recently Sold This shows how much the buyer was willing to pay for a similar property within the same location.
2. Comparable Property: Actives These properties are the competition. Buyers will be comparing your property with the other properties that are similar to yours. Keep in mind, however, these “Active” listings are UNSOLD comparables and as such should never be the gold standard for comparative purposes.
3. The Property’s Interior/Exterior Condition Everything is taken into consideration to assess a property’s saleability; repairs that may be needed, whether or not the property is in need of updating or cosmetic improvements and the level of “move-in” condition.
4. Recently Expired Listings: the unsolds This will show all comparable properties that have been priced too high per location or condition or both that the buyer was not willing to pay that price.
Additional “Carrie’s Corner” Articles…
Additional “AGENT 101” Articles…
Additional “Edmonton Realtor: KENNEDY Real Estate” Articles…
Carrie Wood
Business Development & REALTOR®
Edmonton’s Buyer Agent
KENNEDY Real Estate
Your Edmonton Realtor® | Edmonton Home Stager
Call us today…780-485-3010 and GET SOLD!
Area Specialists | Lifestyle Marketing
REALTORS® : Looking for a great Team environment to grow your business…see our Brokerage Model for info on how to make that happen!
