Setting the right price is crucial when selling your condo. And to do that well, you need a first-rate Comparative Market Analysis (CMA) of your property. It lets you see what the competition is doing, and what the upper limit of your pricing is likely to be. A thorough analysis replaces optimism and guesswork with insights and market data.
Why a CMA can help you sell your condo
Remember, when selling your condo you are essentially entering a competition trying to win buyers’ attention. Those buyers are comparing your condo with the other condo listings. The more you understand those other listings and how your condo compares, the better you will be able to sell your condo for the best price. Read more
Get the Full Picture. Complete the form below to request a professional CMA from The Hann Group.
A real estate professional is the best person to do a Comparative Market Analysis for your condo since s/he has ready access to sold and expired data.
What should be included in a Comparative Market Analysis
A accurate CMA will include relevant data from other condominiums for sale in St. John's and area, as well as any that were sold recently or were listed but expired without being sold. Your Realtor® will analyse this range of information to set the optimum selling price for your condo.
The main points would cover:
- The price of comparable condos currently listed for sale.
- The sale price of comparable condos.
- The gap between the initial asking price and the actual selling price.
- How long were condos on the marketplace before selling?
- At what price other comparable condo listings expired.
Are all CMAs reliable?
Sadly no! As a seller you will have to do your own due diligence to determine if the selling price suggested for your condo makes sense. Don’t accept a suggested price without asking a few questions.
Ask your agent about the comparables.
- Why were they chosen?
- How many were used?
- Did they check the expired listings?
Ask for an explanation of the reasoning behind the suggested price. If they are not able to answer your questions satisfactorily maybe you should think twice before listing with that agent.
Finally, consider checking out the listings and visiting other condos for sale. There's nothing like a first-hand look at the competition to give you insight into the market value of your own condo!
Don’t jump into the condo real estate market unprepared – talk to the St. John's condo experts about completing a market evaluation on your property as soon as possible.