What is a competitive market analysis?
When I am invited to meet with a seller to discuss the sale of their property , I prepare a competitive market analysis, or CMA. I try to match your home to similar homes in similar areas that offer the same size & condition. There are three elements that play into the CMA:
-Actives: These are homes that are currently on the market. These are homes that buyers looking at your home are mostly likely going to look at in the course of house hunting. Buyers are looking online, and if your home is above the price of homes that offer similar features & location, they are
-Pending: Pending homes are homes that do have accepted offers, gone through the building inspection, and have contracts signed with the attorneys. They are going to be closing fairly soon Pending listings are important are about because these are going to be tomorrow's sold, which could effect appraisal value when your buyer goes to get a mortgage.
-Solds: When I look at homes that have sold, I try to find homes that are as close to the size,condition & location as close to the sellers home. I study the listings for things like price reductions, if it was on the market before and there were accepted offers that didn’t close.
After gathering this information, I come up with a range of where you should be marketed at. After seeing your home, there would be some adjustments to made, since each home is different. If you are interested in selling your home in Danbury,CT and having me prepare a complimentary CMA on your property, please contact me at 203-417-0523.