Comparative Market Analysis
Hi Neil
Thank you so much for taking the time to chat with me. Below is the Comparative Market Analysis (CMA) for your uncle’s home. When evaluating the 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 the same building, but depending on inventory, we may look at surrounding areas.
2) Sold Listings - I look at all the condos in the building 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. For condos this is more about floor level, balcony 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 Active apartments in the Marda Link Complex. This includes only this development, not the other apartments for sale in the area.
Recently Sold Properties
These are the firm SOLD units in the last 180 days in Marda Link. I will use the 4 closest comparables for your evaluation and make adjustments for upgrades, size etc.
Quick Comparison
Here's a quick CMA using the 4 closest comparables to yours, listing what has sold, the average prices, list price per square foot etc. This is prior to any adjustments.
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 Recommendation
After reviewing all of the data, and taking into account the current market conditions, my list price recommendation is:
Listing Price $350,000-$359,000**
** Depending on your personal goals, there are different strategies when it comes to pricing. We can discuss these and make a final decision before going to market. The list price here would be with the flooring installed, paint touch ups and a full cleaning of the unit.
When I account for adjustments, the numbers vary ever so slightly from the "Quick CMA" provided above, 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 are very slim as there is not a lot of turnover in this development and that is a good thing. This home is unique in it’s size, as most of the units of this square footage have the loft area. This unit has great space and being on the top floor is a plus. The new flooring, fresh paint and a good clean will help you stand out!
If you choose to list “as is” without any flooring I do feel that will deeply impact your net in the end. The list price would have to be much lower (likely closer to $325/$330k) and you risk getting lowball offers. Due to the fact that this is a 55+ age restricted building, we can assume most residents don’t want the hassle of needing to do the work. One thing to keep in mind, you will very likely need board approval for the flooring you are planning to install so make sure you check with management and/or review the Bylaws before proceeding. I do think it is in your best interest to have the flooring and touch ups complete so you can make a good first impression, especially considering the very tough condo market we have in the city at this time.
The first impression of your home will happen online, so the photos must be as perfect as possible...this sets the stage for the buyer's excitement and willingness to pay top dollar! As we get closer to the date, we can plan the final touches including the photography, drone and video.
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
