Comparative, Competitive or Comparable Market Analysis...What Does It Mean For You?
The most valuable counsel you'll receive to advance you toward the goal of selling your home is a thorough, competent assessment of your home's value. The attention paid to this piece of the home selling process will set the tone for the rest of the listing period. Accurately priced homes are experiencing shorter times on the market while overpriced properties are being passed over time and time again.
If you've spoken to a REALTOR in Louisville KY regarding the future sale of your home, you've likely been offered a free Comparative Market Analysis (CMA) to assist in your process. Sometimes referred to as a Competitive Market Analysis or Comparable Market Analysis, the CMA is used to determine the Fair Market Value of your home under the current market conditions.
The process involves taking homes comparable in size, location, age & construction and adjusting the characteristics of each home to match those of your home, the ‘subject'. Comparable homes should be restricted to those recently sold, typically within the past six months, as well as pending sales and active listings. This will present you with the Fair Market Value of your home based on the "bones" of your home.
I typically conduct two CMA's for the subject home...the first based on Sold, Pending & Active comparable properties...and the second based on Sold properties only. Comparison of the two allows me to establish the trends in the micro-market of your particular area of Louisville...to identify whether home values are increasing, declining or staying flat. From this point, we will start the process of making the necessary adjustments based on additional details of your home.
My standard CMA does not account for differences in finishing details, needed decorative updates, the condition and current state of repair, or staging and how your home will show. These details factor in as adjustments are made to the initial CMA. With some minor tweaking, we arrive at solid, competent Fair Market Value of your home and are ready to price your home to sell!
If you are in the process of selecting your Realtor in Louisville KY to price, promote and market your home to a timely sale, do not hesitate to contact Chris Dugger via e-mail or call (502) 641-9802. In a 45 minute listing consultation I will not only present you with a solid Comparable Market Analysis, but will introduce you to a comprehensive promotional plan to position your home for a successful sale! Don't forget to visit The Louisville Drop for additional topics relevant to Louisville homeowners in today's real estate market.
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