Comparative Market Analysis – Our Responsibility & Our Process
Thank you for considering us! We are grateful for the opportunity to serve you. We are going to help you understand what your property is worth in the current real estate market so you can make better decisions according to your goals.
In our industry, this is called a CMA, a Comparative Market Analysis; some use the word ‘Competitive’ instead. We compare all the relevant data in the competitive marketplace for guidance as to what price your property realistically could sell for at this time.
The most fundamental responsibility we have is to assess what your property could appraise for. If you put your property up for sale and get an accepted offer, the lender requires that the property appraise for at least the negotiated price. If not, in almost every case, the seller has to lower the price to the appraisal price and that infuriates any seller! I do not want to be the agent who recommended that price! The buyer may be elated to get a lower price, but the buyer also may get upset because it cannot close unless the seller agrees to a new price (which they might not), or unless the buyer pays the difference to satisfy the lender (this is a “loan-to-value” issue). This can end up a ‘lose-lose’. We need to get the price right!
Beyond the appraisal, you want to know what is the most money you could get for your sale. We can help you not ‘leave any money on the table’. You also want to know how long it will take to get the property sold. We can help you understand the dynamics of the current marketplace and help set educated expectations.
We are eager to share what we have found to be the most effective way to give you the most accurate information in a way that is understandable. Our philosophy of business is that you are the decision-maker and you will choose your own pricing; our job is to give you the best information to help you make informed decisions. When this process is complete, we will also give you our recommendation of a price range we believe is supported by the best data available, but we are confident you will also see it for yourselves. Of course, the low end of the range will likely sell sooner, and the high range will likely take some patience. We are not afraid of listing the property on the high side because we back it up with professional presentation and extensive promotion to get it sold. However, pushing the bounds of pricing can be speculative and you might eventually need a course-correction.
What is Our Process?
1) WE WANT TO SEE YOUR PROPERTY FIRST.
We initially do this with a quick ‘walk-thru’ where we take some notes. You do not have to clean-up for us and your home does not in any way need to be show-ready. We just need a quick visit so we can see the floor plan, the amenities, the condition, the setting of your home in the neighborhood and take note of what you value in your home and its land. No one can do accurate research for you without a fresh look at your home and property. This does not take long- in many cases just a 5-10 minute visit; a bit more on rural land.
2) WE WILL PREPARE OUR RESEARCH & BRING IT TO YOU.
We will review our research with you and discuss the comparables. We will also leave all our research with you so that you can take your time reviewing the data and the pictures and maps after we are gone. This appointment takes approximately an hour, or more with good discussion, and it can be at your convenience (day, evening, weekend); at your home or in one of our offices. There can be plenty of time for Q&A also.
3) WE WILL BRING YOU A PACKET OF INFORMATION. You can review this at your convenience. The packet will include:
- The Market Action Reports which track our markets’ sales incrementally month to month. These will help you understand the dynamics in the current marketplace. This information is essential for us to understand, but we think you will find it interesting and useful. Unfortunately what is in the news is not very accurate now, or for our various local areas.
- Who We Are, and What Do We Do When We List And Market Properties For Sale. In this section, we will introduce you to Bella Casa Real Estate Group and allow you to see how we are doing in the local markets compared to all other offices which sell here. We will also introduce you to The McCreith Team and show you samples of our work. We will give you a comprehensive booklet of our commitments to you if you choose to work with us. We will show you what we will do for you in marketing and advertising your property. We think you will be impressed by the services and products you get for the lower commission we charge.
At the end of the meeting, you will have a good idea of your value, the process, the timing and the issues to get your property sold. We hope you also have a good idea who you would like to work for you!
No hard sell here! You will also have as much time as you want to review all we give you and to think about it. Since we list properties every week of the year, we are glad to accommodate the timing that is best for you; now, soon, later, or whenever you decide to sell.
503-310-9844 | The McCreith Team