Comparative Market Analysis

Getting a Comparative Market Analysis to Price Your Home

A comparative market analysis is simply a collection of information about your house. It takes into consideration all the selling points - such as the square footage of your house, the number of bedrooms, bathrooms, the style of your home and what you have updated, as well as where the home is located.

We all have to have this in the back of our mind when selling…Buyers decide how much a home is worth, it’s my job to control how much they perceive it to be worth. We can analogize the SOLDs for days, but in the end the house is only worth what a buyer and seller are willing to pay and accept for the home.

Then we look at other homes that are like yours. This analysis looks at which homes sold and how long they were on the market. The purpose of having an analysis done is so that you can get an idea of the marketability of your home.

You’ll see how well other homes like yours have fared. In this analysis, you’ll see what the owner asked as the selling price of the home and what it actually sold for.

This lets you see what you can price your own home at and what you’ll most likely end up getting.

The Toronto real estate board or TREB has just passed a bill that will allow the SOLD price be public. We will most likely see the same situation here in Niagara soon. The difference will be that the SOLD price will only be available for the public to view for a maximum of 3 months.

You can also have your home appraised as it currently is. If you have a very unique home it may be hard to find similar homes that have sold, so an appraisal is sometimes a great tool.

You want to do an analysis because it gives you more knowledge when it comes to selling your home. A seller who knows the true value of his home can end up making more money when he puts it on the market.