Why Use A Comparative Market Analysis?

By
Real Estate Agent with Florida Luxury Realty SL2337465

Selling your home in todays market takes consistant marketing.  Price is very important in todays Buyers Market.  Trying to sell your home while asking too high a price is impossible.  Pricing your home too low is not a good thing either.  Here is where a Comparative Market Analysis will help you.

The Comparative Market Analysis is a report your Realtor(R) can give you on "comparable" sales in your area.  It will include homes that are similar to yours in size, features and annual costs within a 1 to 2 mile radius of your home that have sold in the last 6 months.  The report should compare that to the similar homes in your area that are On the Market and ones that have Expired.  

On The Market Homes can show you an average asking price on similar homes in your area.  These homes are your competition and you will want to be competitivly priced to compete for a quick sale.  I suggest you try to see these homes by attending their open houses or looking at their virtual tours online to see their upgrades and how the homes overal look compares to yours. 

Expired Homes are very important.  Either they do not have enough upgrades or they are outdated or they are priced Way Too High.  Looking at these homes in the Comparative Market Analysis will show you what might be Overpriced or How an Outdated or Poorly staged home takes longer to sell.  Expired homes have generally been on the market for over 6 months (or a lot more) and have not sold and the "Listing Agreement" with the Brokerage has Expired. These homes should never be ignored in a Good Comparative Market Analysis.  

Your Comparative Market Analysis should also tell you how long each property stayed on the market.  How close the sale price was tot he asking price.  Your Realtor(R) may even include notes comparing each home to yours i.e.; number of bedrooms and baths, approximate square footage, sizes of major rooms, features such as fireplaces and pools, age of the home, property taxes and more.  Trust Me, Home Depot knows what Lowes is selling and for how much.  You need to know the same in order to sell your home.

If you are thinking about Selling Your Home, call a Realtor(R) in your area and have a Comparative Market Analysis done on your home.  If you do not know of a Realtor(R) to call in your area, contact ME and I will put you in touch with the right person to Help You.

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Rainmaker
519,054
Ken 360.609.0226 Vancouver Homes for Sales
Ken's Home Team at Keller Williams

I agree, most people want to go to Zillow, the problem with that is that Zillow will tell you for an accurate Analysis to contact a Realtor.  It states that in the Terms & conditions...

 

November 16, 2010 08:33 AM
Rainmaker
149,380
Michael J. Gallo
Florida Luxury Realty - Gulf Home Sales Team
Florida Luxury Realty

Absolutelty Ken...the "Zestimate" is not the best place to get the information. 

November 16, 2010 08:45 AM
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Rainmaker
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Michael J. Gallo

Florida Luxury Realty - Gulf Home Sales Team
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