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Image Source: homeguides.sfgate.com |
In property marketing, a review of a Comparative Market Analysis or CMA helps sellers outline the estimated value of a property based on its features and the conditions in the area’s housing market. Although most homeowners would like to believe their houses are worth more, it is the CMA of marketing that dictates the true market value of a property.
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Image Source: realtor.com |
To help sellers understand property marketing and CMA, listed below are the three basic legs that support the value of a home and how each affects marketability:
Condition and features. These refer to all important information about the physical aspects of the home. They typically include the age of the house, type of flooring, number of garage spaces, number of bedrooms and bathrooms, condition, and additional features like swimming pool and fireplaces.
Location. Housing markets arelocalized, which means they differ depending on areas. Is the house located near the city? Is it near the suburbs? Does it have a view? Is it populated? Is it near schools? All these location-related concerns affect the overall CMA.
Price. In comparison to other variables, the price is relatively controllable. However, it must always be aligned with the houses’ condition and location. For sellers, the basic principle is to improve the condition of the property to influence the selling price.
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Image Source: quickenloans.com |
Applegate Property Management handles marketing, tenant screening, leasing, maintenance, and accounting for residential and commercial property owners in the Twin Cities metro area and in western Wisconsin. Learn more about the company by visiting the official website.