5 Key Considerations for a Meaningful and Competitive Market Analysis/CMA

Many people have heard of the concept of Competitive Market Analysis, or CMA, but often when it comes time to use it, they ignore some of the essentials etc. to their best advantage. Great real estate agents realize that they can adequately and effectively help and assist their clients, when/if they use their knowledge, experiences and professional knowledge to create a general mindset, for their clients, of recognizing and accepting, a greater degree of reality, and using one of the main real estate sayings to your best advantage, Price your home, well, right from the start! With that in mind, this article will attempt to briefly consider, examine, review and discuss 5 key considerations to make these work more effectively for the owner and, what that means, effectively, professionally. create a meaningful, CMA.

1. Thoroughly/objectively consider/examine the house and property in question: Many homeowners develop an emotional attachment to their homes and therefore overestimate what they think qualified prospective buyers might believe. A professional real estate agent will thoroughly and objectively examine what we refer to as the property in question (your home) and examine its strengths, weaknesses and how they relate to the area, the market, the current times. , and recent past.

2. Strengths and weaknesses: How strong are the house’s strengths and how weak are its weaknesses? How could this affect the sale price? What does this house offer, others don’t, and what is missing? Is there a way to accentuate all the strengths and minimize, as much as possible, each and every area of ​​potential weakness?

3. Rent: Rent, rent, rent. This fundamental concept, and the reality of real estate, is a factor that cannot be changed! What might make the particular area, neighborhood, block, etc. offer potential buyers what they are looking for? On the other hand, are there ways to hinder the potential market?

4. Recent Comparable Home/Property Sales: When looking at past sales, it’s important to pay much more attention to the near past (last 3-6 months), than to go further back. What did these houses have that yours does not? What does yours have that they don’t? Be sure to only look at very similar area, style of houses, similar sizes, etc., when looking at these!

5. Currently on the market: Carefully review what is currently on the local real estate market. Develop a realistic, well-considered price range, and price your home to sell from the start by pricing it, right, from the start! Compare to those, in similar locations, same conditions, sizes, lot sizes, etc.

Hire an agent, who carefully explains why he is suggesting prices, at a specific price point, and his overall marketing/selling plan. Never take a shortcut, when doing it right will make a significant difference in achieving your goals.