What is a Market Analysis?
A Market Analysis will help you determine what the buyer
should be willing to pay for your property, based upon past sales and present
competition.
A Market Analysis is not an appraisal. Only an estimate of value prepared by a
licensed appraiser according to strict specifications may be referred to as an
appraisal according to Florida law.
A CMA (Competitive Market Analysis) may or may not agree
with an appraisal. "An appraisal for a specific reason, i.e. refinance,
divorce, probate is based primarily upon brick, mortar and statistics. Beyond
appraisal, a CMA analyzes the market, the economy and the competition. The
seller and the broker team up, review the information available and price the
property competitively. It is the agents' role to educate the seller and
execute an effective marketing program. It is the seller's role to price their
property and prepare it for the market.
Compare design
Compare square footage
Compare quality
Compare age
Compare neighborhoods
Compare lot value
Compare amenities
Analyze the economy
Analyze the competition
When you choose an asking price, be able to justify your
decision. If a buyer agrees to your price and the appraiser disagrees, we'll
have to defend our position. That is why pricing is so critical.
The competent REALTOR® will present information, discuss
options and strategies, and assist in creation of a marketing program.
The competent REALTOR® will require that the pricing
strategy be based upon fact rather than fantasy. Whichever price you select, be
certain that you have documentation to support your asking price. It is our job to educate you regarding
pricing and property enhancements, and to market your property to its best
advantage. YOUR JOB is to price your property competitively and to make every
effort to present the property in its best possible condition, not only
aesthetically, but also the overall condition.
The Market Analysis is a bringing together of the market,
the economy, the neighborhood, the property condition, the property features,
the tax information.... all of this and intuition...pull it all together and
choose your strategies. We'll do it together. Then "the fun" begins!