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What is My Property Worth
in Metro Atlanta?
Click here to receive your personal CMA
As you can see we are well positioned on the internet. We can offer broad exposure of your property or home.
Today over 24 million people are
online searching for a new home.
A Comparative Market Analysis (CMA) is an
estimated sale price for a property given current market conditions. It will encompass
sales of similar properties that have sold in your neighborhood/area within the last 6 month.
It's prepared by a real estate broker or sales agent and it usually comes in the
form of a report. It is not an
appraisal, which is a professional estimate of your properties value. There is no fee
associated for preparing a CMA. It gives you as our client an estimate of
the properties current value or valuation.
An agent needs to walk through the property in question
before preparing a CMA. Unless there are a lot of concerns, the entire process shouldn't
take long. However, property condition does affect price. If you have specific plans to do
work on the property, let us know.
After we review the property, our research in the Multiple
Listing Service will be reconciled to your property with information about similar properties
in the area that have recently sold. In order to arrive at a current price estimate, an
agent should analyze information about listings that have sold and closed, those that are
sold but haven't yet closed (the pending sales), active listings and expired
listings. It is not wise to base your list price on the list prices of your
neighbors.
We make sure that only properties that are
extremely like yours will be considered. These properties will have similar square
footage, similar styling (one-story, two-story), and will be located in your
area or one that is very similar.
After comparing location, style, and size, we
look at other features. The number of bedrooms, number of baths, the size of the
garage, the age of the house or building, the size and relative privacy of the lot,
improvements, and other amenities will be considered. Does the property have
formal dining? A finished basement? What is the appearance, and how does
it show are other questions that have to be considered also.
We then assemble all of this information in a
report called a “comparative market analysis,” the CMA. This data will then
be the foundation for how to determine the best price to ask for your property.
Pending and sold listings are the most
reliable indicators of current market price. Active listings are only a gauge of your
competition in the marketplace. Expired and withdrawn listings are properties that were listed
for sale but for some reason didn't sell. Usually, the most common reason expired listings
don't sell, they were priced too high.
With the results from the CMA's SOLD properties
found in the MLS search, reconciled to your property and current condition, we can arrive at a
selling price. Keep in mind that the price derived from a CMA is subjective. A CMA is not
an appraisal. You need to hire a licensed appraiser to complete an appraisal.
Sellers should have a CMA done before listing their property for
sale. Most people would agree, that when it comes to selling real estate, the less surprises the
better! Also, it gives you the opportunity to meet the agent (s) that will represent
you in the sale of your property. Also, buyers should request a CMA on a
property they are considering buying, particularly if they are new to the area
and haven't had the opportunity to see many listings. It is good to be an
informed consumer.
"Whether you are a buying or
selling, call Stan!" 4O4-425-3258
or
Click here to receive your personal CMA..... As a full time, professional agent my team work actively in the area where the property
is located. The Internet has made it possible for virtually anyone to access comparable
sales information. However, without firsthand knowledge of the comparable properties and
the local marketplace. this information could be inadequate.
For example, quality upgrades usually have a positive effect
on sale price. But if your property improvements are inferior in quality or design they can
lower rather than increase the price. Suppose the information on a sold listing shows a
remodeled kitchen. Without having seen the property, it's difficult to know how the
remodeling affected the price.
Also, sometimes our CMA gives a price range
rather than a set price. You're more likely to see this in markets were there is variation
in terms of property size, age, architectural style and condition.
For
Metro
Atlanta Home Buyers
If you are buying, you should ask for a list
of comparable (similar) homes in the area that are currently listed or that have
recently sold. This is important to see if you are overpaying, or negotiating
based on the condition of current property (deductions for: repairs, carpeting or
painting). If the information isn't available, you can take the original
purchase price of the property and add or subtract the cost of any improvements and
estimated property appreciation since the home was last purchased. County tax
records show purchase prices, but may not show all the extras if they were paid
for cash, or the improvement work was performed by the owner. Your Buyers Agent
can assist you with rough estimate of annual appreciation.
Also, if you're not comfortable about the
value of the property you are bidding on, then have a appraisal contingency
built into in your purchase offer. If the appraisal comes in low, you may
negotiate or withdraw offer. Your Buyers agent can advise.
If you enter negotiations with a seller, you
might want to have some extra time built into the contract in writing before
responding to a counter offer. If the seller doesn't receive other offers in the
meantime, your offer may start to look good. And if someone else places an offer
on the home in the meantime, you've not placed yourself in a position to overpay
or get into a bidding war. It is good to walk away rather than overpay.
Above all, in all matters "time is of
the essence", and act in good faith, and remove emotion from the
offer. Also, make sure that if you are unable to meet a deadline, get an
extension in writing. All real estate contracts, and any modifications,
amendments to them, and offers and counter-offers must be in writing in the
state of Georgia for the contract to be valid.
If your
home is currently listed, this is not a solicitation of that listing. Please excuse our
active marketing.
"Our
Experience Will Move You!"
Return
Stan McLaughIin
"A professional realtor your family can trust and depend on"
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