Comparative Market Analysis
Hi Jace,
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. Ideally these are in your community, but depending on inventory, we may look at surrounding areas.
2) Sold Listings - I look at all homes in your community (or surrounding areas) 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 listing your property.
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Current Comparable Listings
These are the current active and pending listings in your area for row/townhouses. These are not necessarily comparables to yours but they give you an idea of what is happening in the community.
Recently Sold Properties
These are the firm SOLD townhomes in the last 180 days in Pineridge. I will use the closest comparables for your evaluation and make adjustments for size, upgrades, location etc.
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 Recommendation
The Calgary market is in a downturn currently compared to when you made your purchase. Condos/townhouses in particular are seeing lower sale prices due to the overflow of inventory. With the large number of new builds, coupled with investors selling when rent prices decreased, the condo market is saturated and buyers have the upper hand.
With that in mind, you have stunning renovations that many of the other properties do not have.
Like any investment, this is a snapshot in time. If you were considering a move, the disparity between what you may “lose” on the sale, and the gain in a new property could balance out.
After reviewing all of the data, and taking into account the current market conditions, my list price range would be:
Listing Price $350,000-365,000**
** Depending on your personal goals, there are different strategies when it comes to pricing.
Most of the recently sold homes were much smaller, and did not have the updates your home has. These things can hold value for buyers who want a turnkey property. As we move back toward a balanced market in the next couple of years, this will work in your favour.
If you have any questions about any of the information here, or the process in general, please let me know.
With gratitude,
Janine
