The Comparative Market Analysis - Part 3 of the Series: Are You A First Time Home Seller - What to Expect From Your Real Estate Agent
Part 3 if the First Time Home Seller Series. We do some things differently here, we would check MLS for comps rather than the county clerk and we'd most likely find compariables to your home within the same neighborhood or town.
Thanks Judi for this series!
If you haven’t read the first two posts in this series, you may want to read those first.
The CMA or Comparative Market Analysis is done to provide an expected sale price for your property if given an adequate amount of time on the market with adequate exposure.
After your initial phone call, my visit to your property, it’s time for me to sit down with all the information and do a comparative market analysis for you.
I will mainly be looking for 3 different types of properties:
· Similar Properties near yours that have sold recently (properties that have the greatest influence on your value)
· Similar Properties near yours that are currently on the market (these are considered because they are you COMPETITON)
· Homes that have a sale contract (What is currently selling)
In my area, the best source for sold comps is the County Clerk. In some areas, it is the MLS.
I pay a fee to be able to pull information up on my computer from the county records. I’ve already brought you a data sheet from the county records for your property, along with other disclosures and information, when I came out to view the property.
After having verified that data with you, I’m now looking for similar properties in your area that have sold recently. Being a very rural area, close proximity to you may be as far away as 15 miles. Comps can be very difficult in our area, ask any appraiser. If your property is in town such as Idabel or Broken Bow, your comps will usually be within 2 miles and a strong possibility that they are in the same housing addition as your property. Those are the best comps.
I use a form very similar to what an appraisal form. The best 3 sold comparables are listed on this form with their information, such as square footage, site size, # of bedrooms, # of bathrooms, garage info, and other things that add value to a home such as fireplaces, etc. Adjustments are then made for the differences in the properties such as the site size, etc.
Then I insert the best 3 “for sale” comparables to see how your property stacks up against the competition.
When I’ve evaluated all of this information and completed the calculations, I will call you and we’ll visit about it and set a time for the two of us to sit down and go over the CMA.
Next in the series: Getting the house ready to sell.
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Life in Southeast Oklahoma is GREAT! If you're looking for a home or land in my part of the country, give me a call: Judi Barrett, broker, Integrity Real Estate Services, 580-212-5946
Or visit one of our websites:
Broken Bow Lake
Lake Raymond Gary
Raymond Gary Lake
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Judi Barrett
Broker - Integrity Real Estate Services
Our Name Says It All.
Real Estate Services You Can Trust.
580-212-5946
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