As leading Vancouver Realtors, we frequently receive requests for home evaluations from clients considering the sale of their homes. The home evaluation process for residential real estate properties in Vancouver revolves around a method known as a Comparative Market Analysis, or CMA for short. Ensuring an accurate assessment of the home’s value and positioning the home seller effectively in the marketplace are very important to a successful sale.
A Comparative Market Analysis, also known as CMA is a method used in the real estate industry to determine the value of a property by comparing it to similar properties that have recently been sold, it is the preferred method in residential real estate to determine home evaluation. The goal of a CMA is to provide an estimated market value for a property based on the current real estate market conditions and the characteristics of comparable properties.
As Realtors, these are the steps we follow when producing a Comparative Market Analysis:
Discovery: We first gather information about the home, including size, features, condition, location, sale history and tax assessed value.
Recent Sales Data: We review recent sale prices of comparable properties. This helps establish a baseline for the potential value of the subject property known as the price band, the range the true value is likely to be fall into.
Adjustments: We take into account the differences between the subject property and the comparable sales.
Market Conditions: The current state of the real estate market is considered. Factors such as supply and demand, interest rates, and economic conditions can influence property values, specifically the home evaluation of your home.
Vancouver home sellers underestimate the critical significance of establishing an accurate listing price for their properties. When a property is listed, it promptly captures the interest of potential home buyers who are actively seeking their ideal homes. These prospective buyers diligently evaluate the entire spectrum of available homes within a given area, and they possess a keen ability to discern values and gauge appropriate pricing. Houses & condos that are priced beyond the scope of comparable properties often serve as benchmarks, influencing the evaluation and potential enhancement of values for other homes.
To secure a strong competitive position in the market, it is imperative to determine and present a home evaluation that aligns both accurately and competitively. This strategic approach is pivotal in attracting the precise demographic of buyers who recognize the inherent value your home offers. By accurately determine your property’s price with the current market landscape, you are more likely to attract prospective buyers more effectively, optimizing the likelihood of a successful sale of your home. Home seller’s decision of the home price will contribute to a more efficient and effective selling experience, elevating your property’s appeal and desirability within the market.
Overpriced homes frequently fail to generate the desired level of interest and timely offers within the standard selling duration expected in the Vancouver real estate landscape.
When preparing for the sale of your Vancouver home, the awareness of comparable houses, townhouses, and condos concurrently listed becomes imperative. If your home list price is higher than the market benchmark , potential buyers may employ it as a benchmark for assessing the overvaluation of a particular listing, thereby rationalizing a more favorable home purchase in an alternative property.
By accurately pricing your home, you position it strategically within the market. This pricing approach not only enhances your property’s appeal to prospective buyers but also safeguards against inadvertently contributing to the negotiation leverage of other sales.
With over two decades of experience in the real estate industry, Jacob & Jacky Real Estate Team has been consistently dedicated to accurately pricing homes. Our commitment extends to monitoring of market trends and sales activities across various neighborhoods. Leveraging advanced statistical tools and drawing from extensive historical data, we possess the expertise to accurately assess home values at any given market conditions.
If you are thinking of selling your Vancouver home and seeking the expertise of a seasoned real estate team, we invite you to connect with us. In a discovery meeting we can discuss not only the value of your home, but also address frequently asked questions such as realtor fees, the sale process, and what to expect when you list your home. Our professional real estate team is adept at evaluating homes and stands ready to offer you a complimentary, no-obligation market evaluation for your property. Contact us if you are interested in optimizing the value of your home in the ever-evolving Vancouver real estate market.
Our home evaluation report is produced by our team leaders, Jacob Krause & Jacky Levi. After the report is produced ad finished we email it to you. It is a comprehensive report showcasing the market conditions, comparable sales, and an accurate market value of your home.
Jacob and Jacky have over 20 year of experience as selling agent, marketing Vancouver real estate