Before any members of the Epps Elson Team recommend a list price on a home, in depth research will be conducted in order to prepare a comparable market analysis in Carmel. A current market analysis is the best way to determine a competitive listing price. This analysis will also identify a valid market value for any home as well as estimate the amount of time it will take to receive an acceptable offer.
In order to prepare comparable market analysis in Carmel, one of our experienced team members will identify 3 or more comparable homes that are currently on the market, 3 or more homes that have sold and closed within the past 6 to 12 months and 1 to 3 comparable homes that are pending but not yet sold. Additionally, information regarding expired listings of comparable properties is helpful when available and will be identified on the analysis.
The 3 homes that are currently on the market will demonstrate the immediate competition and establish a maximum list price. That information may also suggest reasons why homes have not sold. The current listing section will also pinpoint the date the home was placed on the market. Adding or subtracting for amenities such as a built-in pool or finished basement is also addressed with each market analysis.
The section that identifies homes that are under contract or have pending sales will name properties that have received acceptable offers. The agent may have a more detailed information about these homes on the CMA. Named properties may be homes in the community that some of our clients are already familiar with. This section does not identify the actual sales price, only the list price. The actual sales price should always be confidential before the sale records.
Information about expired listings is also valuable because both the real estate professional and the seller can benefit from details about homes that were on the market but did not sell. There are many reasons why homes do not sell during the listing period and some of those reasons can be avoided. The preparation of a current comparable market analysis will prevent sellers and real estate professionals from repeating mistakes.
Finally, the data about listings that successfully closed. The closed sale section will include how many days the property was actively on the market and the final sales price. This data will show how much the sellers had to reduce their price and the time it took both the agent and sellers to achieve a successfully closed sale.
Only experienced real estate professionals are able to prepare comparable market analyses that combine accurate sales data with community knowledge and real estate expertise. A the Epps Elson teams’s CMA is highly valued by sellers and other professionals in the Carmel area.