Master Comparative Market Analysis Boost Home Sale Profits
Steps to Conducting a Comparative Market Analysis
Conducting a CMA involves several key steps:
- Identify Comparable Properties: Look for homes that are similar in size, age, location, and features. This often involves searching through real estate listings and databases.
- Analyze Recent Sales: Focus on properties that have sold within the last three to six months to ensure the data reflects current market conditions.
- Evaluate Active Listings: Consider properties currently on the market as they represent your competition. Analyzing their pricing strategies can provide insights into market demand.
- Adjust for Differences: Make adjustments for any differences between your home and the comparables, such as renovations or unique features, to refine your price estimation.