You know how much you paid for your condo, and how much you still owe on it. But how much could you actually sell it for in today's market? Let me prepare a complimentary CMA- a Comparative Market Analysis - for you!
A CMA compares the features - and the value - of properties that are similar to yours, in your immediate area. In order to make sure you're getting an "apples to apples" comparison, we will look at homes comparable to yours in:
- square footage;
- year of construction;
- number of bedrooms and baths;
- tangible amenities such as a swimming pool, health club facilities, party room, doormen, or garage, and;
- intangible amenities such as a nice view or safe neighborhood.
We will then look at how much the similar properties were listed for and what they sold at. Also, we will note how many days they were on the market before they sold, and if they were previously listed, pulled off the market and then re-listed.
The CMA, together with the principal balances on the various loans attached to the home, enables you to estimate the equity you have in your own condominium, and gives you an idea of what mortgage can you afford to spend on your next property.
Before you make the decision to put your unit up for sale, you'll want to make sure it's listed for fair market value, especially when compared to other similar properties. Only with a CMA, and the benefit of an experienced real estate sales representative, can you receive the correct value for your home in today's market. Of course, if you're looking to purchase a property in a specific area, you will also be interested in getting a full overview of what's available, and at what cost, so please call for this interesting comparison, too.
I am a licensed member of the Real Estate Council of Alberta since 2005 - proudly representing CIR REALTY, Calgary’s largest real estate brokerage. I enjoy keeping my readers up to date with real estate related information that they can easily understand and use for their own benefit. I welcome feedbacks and comments equally from first-time visitors to my blog, past clients and also from my fellow REALTOR® colleagues. Thanks for stopping by!