A
Comparative Market Analysis
(CMA) is essential to
determine the value of
residential property.
Location and characteristics
of the property are the key
elements in determining
value, therefore the basis
for valuation is similar
properties in your area. The
market analysis takes into
account the amount received
from recent sales of
comparable properties and
the quantity and quality of
comparable properties
currently on the market. The
desired end result is to
find a price that will
attract a willing and able
buyer in a reasonable time.
Once the value of your home
has been determined, you can
decide on an offering price
that will achieve your
goals. Generally, the price
should not exceed the value
by more than 5% or potential
buyers may not even make
offers. Naturally, if you
want to sell quickly your
asking price should be very
near the value.
The following are a few
things to keep in mind about
pricing:
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