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Making Sense of a CMA -Competitive Market Analysis
Making Sense of a CMA - Competitive Market Analysis
Here are some things I would recommend looking at when looking at active, expired, pending and sold listings on your CMA.
*What is the average List price in your neighborhood on active homes
*What is the average Sale price in your neighborhood on sold homes
*You’ll notice that Sale Price is more than likely only 3-4% lower than FINAL List Price on the Sold properties
*What is the average number of days on the market?
*What is the original list price of the fasted selling properties? You’ll probably notice the sold homes that were originally priced too high, eventually lowered their price, still sold for market value, but the time on the market was longer.
*Look at Expired listings and Do Not Follow their lead on price! These houses did not sell!
*What is the price per square foot on the Sold properties? This helps when homes are not very similar in a neighborhood. The highest dollar per square foot price will be the houses with major updates like kitchens, baths and roofs. These homes also have the most amenities.
*How does yours compare in terms of size, upkeep and amenities? ... more
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