Price is an easily comparable attribute of your condo and one which buyers see and consider most often. Getting it right is crucial. And to do that, you need a sound Comparative Market Analysis (CMA) of your property. A thorough analysis replaces guesswork with insights and real-time market data. It identifies your competition and indicates the upper limit of your pricing. Read more
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Remember, when selling your condo you are essentially entering a competition trying to win buyers’ attention. Those buyers are comparing your condo with similar condo listings. The more you understand those other listings and how your condo compares, the better you will be able to select the best price for your condo.
Who completes the CMA and what's involved
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 information to inform his suggested 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 condos were 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. Such as:
- Why did you choose the comparables used in the evaluation?
- How many condos did you use to help determine the price for our condo?
- Did you 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.