List Your Property
A Property Valuation Report is a common way of determining the value of a property through an opinion or the use of data. A few ways a property can be valued:
- Comparison of similar properties that are sold within the area/neighborhood.
- Appraisals based on location, amenities, structural condition and recent sales of similar local properties.
A real estate agent will present a Comparative Market Analysis to a seller or buyer with the most accurate valuation using comparable properties that are sold and bought near the area because of their access to the MLS.
A comprehensive report that includes active listings, pending listings, sold listings, and off-market data, real estate agents can pinpoint the highest price a property can be listed while still remaining competitive. In order to come to a reasonable, but profitable price for the seller, Real estate agents take into account:
- Square footage
- Room size
- Property taxes
- Age of the property
- Local amenities
Advantages of a Comparative Market Analysis to the Seller
Knowledgeable agents understand that a CMA can provide a competitive advantage when securing new listings, and have access to tools the average property owner would normally not be privy to. It provides them an opportunity to set themselves apart from the other agencies, and illustrate their knowledge of localized real estate trends. When receiving such information from your agent, he/she:
- Provides an in-depth look at the local real estate market
A real estate agent works in the local market each day and understands area in more detail. They understand the amenities that are in demand, the highlights of each area, and the key buying drivers that are selling homes in that specific market.
- Sets a reasonable pricing expectation
Everyone wants to make the most money. Comparative Market Analyses can provide a realistic view of where the home should be priced, based upon the key data points reviewed. By looking at realistic comparable properties, experienced agents can present a fair price that meets the current market demands, thus moving your property quickly through the purchasing process.
If you are seeking a real estate professional with experience for your next transaction, contact Morgan Thomas at Compass.