Tag

Comparative Market Analysis

Why I’m Not a Fan of Price Opinions

“What’s Sauce for the Goose is Sauce for the Gander” I know of other agents — even some whom I consider excellent** — who use price opinions at least occasionally to inform the guidance they offer Sellers. Personally, I’m not a fan, for two reasons. Reason #1. Something like 90% of the time, price opinions...
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“Free CMA’s! Git “Yer Free CMA’s!”

Home Price = Moving (and Influenceable) Target “Those who know, don’t talk; and those who talk, don’t know.” —stock market saying. What’s true in the stock market is also true in real estate. Namely, the value of what Realtors call a “Comparative Market Analysis” (“CMA”) that can be had for free is . . . about...
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Price Reductions: a First Chance to Make a Second Impression

When?  How Much? If an otherwise well-staged, well-marketed home isn’t selling after a reasonable interval on the market**, a price reduction is invariably indicated. How big? It all depends on how overpriced the home appears to be. Toss Out the CMA Once a home is actually on the market, interest from prospective Buyers ” or...
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How Valuable is Having an Upstairs Laundry?

Calculating Premiums & Discounts in a Comparative Market Analysis (“CMA”) How much value do Realtors and Appraisers assign to an upstairs Laundry when estimating a home’s fair market value? The honest answer is, I’ve never seen it broken out as a specific adjustment, with a corresponding price tag (or even range) assigned to it. My...
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Estimating the Discount for a Busy Street (or Not)

The Art of Comp Selection One of the trickier home features to account for in a Comparative Market Analysis (“CMA”) is a busy street. For a family with little kids, a busy street may very well be a deal breaker — in which case the discount is theoretically infinite. At the other extreme, an investor looking...
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Realtor Postcard: “Call or Text Me to Get Your Free July 2017 Report on Neighborhood Home Prices”

Fishing For Sellers, or, Not Offering Consumers What They Think They’re Being Offered No, the agent trolling for new business isn’t offering to tell homeowners (and presumably, prospective Sellers) what their home is worth. Depending on the property’s features, price point, and location, that can take an experienced agent a couple of hours. No, what...
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