What is a Comparative Market Analysis?

The best method available for La Jolla home sellers to learn their home's current value so they can select the best sale price.

Everyone who has ever sold a car knows they have to first find out how much it is worth and what people are willing to pay for it. It's easy to gather the information you need to set a price from newspapers, the Blue Book, or online used car sales sites. When you've gathered this information you can then set a price that potential buyers will find attractive. It's really pretty simple and requires very little pricing expertise.

The value of your La Jolla home is much more difficult to predict and the information available to home sellers can be untrustworthy. Online home valuation sites are fun to play with, but they are based on past sales, not current market factors. Newspaper listings give you some information, but houses are usually so different that it's hard to compare.
 

How is a CMA prepared?
I will research information about comparable properties in your area, using a real estate industry resource called the Multiple Listing Service. This includes:

• Properties that have sold within the last 6 months
• Active listings - properties currently for sale
• Contingent listings - short sales with an accepted offer
• Pending sales - listings that have sold but not yet closed
• Expired listings - properties that did not sell during the listing period

Based on this data and current market conditions, I will suggest a probable selling price. Don't be surprised if a CMA results in a price range rather than a set price, particularly in markets were there are price differences due to property size, age, architectural style or physical condition.