To calculate the fair market value of your home, Steven Hill of Sotheby’s International Realty Canada prepares a Comparative Market Analysis (CMA) report summarizing properties in your area with similar square footage, construction, age and condition that have recently sold or are currently on the market. Recent comparable sales and listings are two of the most important factors impacting fair market value. Comparable listings that expired before they had a chance to sell also offer an indication of the fair market value of your property.
Adjustments to your home’s valuation will also be made given its' location (e.g. proximity to parks, waterfront, schools and transportation), floor plan, home improvements, amenities, parking, storage and other variables.
This is where the fun begins: THE VALUE
Properties that have sold in the last 30-60 days typically represent the market value for your home.
Properties that are currently listed are your direct competition; key factors to consider are what is the property, what are they offering, is their value accurate, and how are they represented.
Properties that failed to sell are another indicator. What was the cause of the failure? Marketing? Price? Timing? Pandemics?
There are some extraordinary homes and estates that have few or no comparable. In these cases, preparing a CMA requires specialized expertise that Steven Hill, Certified Luxury Home Marketing Specialist of Sotheby’s International Realty Canada can provide. If your property falls into this category, please contact Steven Hill directly to schedule a complimentary consultation.
Whatever your real estate ambitions are, my deep connections with our local community, residents, and real estate market are always available to those who value service at the highest level. Get in touch with me today to tell me about your real estate dreams and how I can help.
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