Cma Question

jairorod · #**1 Cma Question** 10-12-2006, 12:05 PM

Hello Everybody

I Try To Do The Cma In This Property But, The Only Comp That I Found Is Sold Ones, But Active Ones, What I Should Do.

Again Thanks For Your Help.

webmaster · #**2 Re: Cma Question** 10-12-2006, 12:07 PM

I am not sure what you are asking here, can you please clarify

kyle422 · #**3 Re: Cma Question** 10-12-2006, 12:24 PM

If you can't find a similar property that has sold within a couple of miles you will have to look in a larger radius. If you still don't have any luck widen the parameters of the comparables. I rarely use actives listings in finding a price for my CMA's but I do bring a list of active properties so that my seller can see his competition.

jairorod · #**4 Re: Cma Question** 10-12-2006, 12:38 PM

Well I Try To Get The Right Price In This Property To Put In The Marketfor Sale, But I Don’t Found Comparable Houses In The Subdivicion For Sale All I Found Is Sold Ones And I Need To Have Both

webmaster · #**5 Re: Cma Question** 10-12-2006, 12:45 PM

You should be able to do your CMS based off solds, if you can't find active comparables, you really dont have a choice.

jairorod · #**6 Re: Cma Question** 10-12-2006, 12:49 PM

Thank You For Help Me To Solve This.

KarenR0823 · #**7 Re: Cma Question** 10-12-2006, 03:03 PM

Your comps should be ones that have sold. That's what the market is actually bringing. I can list my house for 1,000,000,000 but that doesn't mean anything if it actually sells for 250,000.

Ryan Ward · #**8 Re: Cma Question** 10-12-2006, 03:26 PM

If you are having trouble finding comps, you can try the old fashioned way of price/sq ft. It may not yield the most accurate market price for your listing appt, but, it can help to solidify your suggestion. Sometimes to get the ball rolling a little bit it helps to think the way an appraiser would approach verifying to a lender that a property supports the price. Just be careful as you are not an appraiser and there are subtleties to each home that an appraiser may not consider. Active listings should be considered only to show what the highest prices MIGHT be. Every market is slightly different so factor in your current market conditions. There is something called anticipated price - If a home is expected to sell in 90 days and prices are increasing by 5% you may price the property at the price adjusted up to what it would be 90 days from now. The converse may also be true.