342 Cranston Way - Comparative Market Analysis
Hi Kristin,
Thank you so much for taking the time to chat with me. Below is the Comparative Market Analysis (CMA) for your home. When evaluating your property, I review all the data in multiple ways to make sure I haven't missed anything. The major points I look at are:
1) Current Market and Pending Sales- These are the current listings that are similar to yours. It is essential that the list price is competitive among the other listed properties and that the buyers feel there is value. I look at what is currently on the market to make sure that the list price is indicative of the market at that exact moment. With the pending sales, we don't know the final sale price until it goes firm, but it can be a great indicator of how quickly properties are selling.
2) Sold Listings - I look at all homes in your community that have sold in the last 180 days. I try to keep these as similar as possible; ie Size, location, upgrades etc.
3) Lot/Location - This takes into consideration the size of the lot, location of the home, any special views, access to schools and parks etc.
4) Condition of Home - The sold properties are not available for me to visit personally so I have to judge as best I can by the photos. We compare the condition of these home to yours, with an overall look at the upgrades, functionality and upkeep.
Below you will see links to the properties I researched to establish the current market value of your home.
At the very bottom of this presentation, I have outlined my recommendation for a “list price” for your property.
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Current Comparable Listings
These are the current Active and Pending listings in your area for similar size detached, front garage properties.
Recently Sold Properties
These are the firm SOLD homes in the last 180 days in Cranston that are similar square footage and style. I will use these as comparables for your evaluation and make adjustments for upgrades, location etc.
Quick Comparison
Here's a really quick CMA using the closest comparable to your home, listing what has sold, the average prices, list price per square foot etc.
These are the numbers that the buyer's agents will be showing their clients when they are making an offer. You can see the range at the bottom.
These number are prior to any adjustments made. More detail to follow below in Pricing Recommendation.
Costs Associated With Selling A Home
Here is some additional important information for when you are ready to sell. Click on link to access a list of costs and fees that you will need to be aware of when budgeting the sale of your home, other than the Real Estate fee in the Listing Contract. Some of these may not apply to your situation, please ask if you are unsure. 👉
*A new or updated RPR is only needed for your home if you have made any changes to the lot - fence, deck, AC, pool etc. OR if you are unable to locate the RPR you would have received when you purchased. It is also not needed on a conventional condo.
My listing fee, which includes the staging consult, photos, video, measurements and marketing is 7% on the first $100,000 and 3% on the balance. We offer half of this as compensation to a buyer's agent.
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My Pricing Recomendation
After reviewing all of the data, and taking into account the current market conditions, my list price recommendation is:
Listing Price $640,000 - $645,000**
** Depending on your personal goals, there are different strategies when it comes to pricing. We can discuss this further if you need.
When I account for adjustments, the numbers vary ever so slightly from the "Quick CMA" provided, which is strictly data. As I mentioned above, when we calculate listing price, we look at the lot/location, functionality, upgrades, and overall condition of the home.
The comparables I used are all fairly similar in size and style, and I chose only homes with an unfinished basement so there were no major adjustments needed. The only real adjustments were small ones for location, and some updated items like the granite and appliances. However, some of your landscaping as well as a dedicated laundry room offset some of those numbers in the end.
If you have any questions about any of the information here, or the process in general, please let me know.
I look forward to the opportunity to work with you!
With gratitude,
Janine
