Home Buying in Rochester>Question Details

Michael, Home Seller in Rochester, NY

I had a Comparative Market Analysis done on my Condo in Rochester. It came out at $269,000. I bought for

Asked by Michael, Rochester, NY Wed Apr 15, 2009

$238,000 in summer 2007. I find it hard to believe the 269k figure, doesn't it seem high considering the market? Is the CMA any kind of actual indicator as to potential sale price?

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6
Hi Michael,
We are all here to help. I would be happy to complete a market analysis of your current home and present it to you. You can compare a few realtors work and really get a sense of where the numbers lie. Unfortunately, the true gauge of the market price is putting your house up for sale. Happy to meet with you at your convienence you can reach me at 585 978 0087 or roxannekuliner@kw.com.
0 votes Thank Flag Link Mon Jun 29, 2009
Hello Michael.
By looking at what you have here, I am fairly confident that I know where the property is, and with all that has been going on around you there is a good chance that there has been some decent appreciation on your home. I live fairly near by and have a pretty good idea of the values in the area. I would love to help you out in the matter as a second opinion if you would like. I can put together not only a CMA but will also bring all of the pertinent information to prove exactly where your home fits into today's market. I know that you have been thinking this over for quite a while as I remember seeing you ask a question about your home while ago on here.

Like I said before, I woud love to be of any assistance to you. Please don't hesitate to call or email me any time. I don't want to put your address on here but I would like to make sure that I am correct with my idea as to which home you bought. I look forward to hearing from you.

Have a great day,

Leif Mermagen
Leif@nothnagle.com
585-576-9406
Web Reference: http://MermagenHomes.com
0 votes Thank Flag Link Wed Apr 15, 2009
Hello Michael,

I've found that the CMA is only as good as the person creating it for you. Sometimes you'll find that the agent is looking to buy the listing through the CMA and then in 3 -5 weeks expect a question from the agent to lower it as the market isn't finding your property "worth the current asking price" a couple of those conversations and you'll be at the right price point to sell it.

So is that a good CMA or not ... I can't answer it without seeing your property. I'd be happy to help you by preparing a CMA on your property that's accurate. I don't like to have price reduction discussions ... so I give the right price at the begining. Ultimately of course it's up to you what it's listed at.

Let me know if you have any questions or would like to set up a time to meet.

Michael Walker
585-645-1258
0 votes Thank Flag Link Wed Apr 15, 2009
Karla had a great answer, but now I have a question.

Say a home is priced according to the CMA and an offer is made and agreed upon. Then the appraisal is ordered and comes in 10-20k or more below the CMA, what do you do then? In my line of work, I see it happen atleast 1-2 times a week.
0 votes Thank Flag Link Wed Apr 15, 2009
The CMA should be a professional indicator of a market price for the property. The purpose of a CMA is to provide you with information about pricing your property so that it will compete successfully in the current market for your area. Ask supporting questions, and ask to be taken out and shown properties that are similar to yours in size, age, condition and location. Ask how many days on the market are properties lingering in your market area. Also, be sure that your agent has provided you with SOLD properties that only go back 3 or 4 months......any longer and they may not be good comps in your market. An appraisal will cost you money, and the appraiser has a different objective than a Realtor's market analysis. Your Realtor works for YOU, so ask questions about how he/she came up with the price, and ask direct questions about how he/she would position your property in the market so that it will get shown quickly. Overpriced homes do not get shown. You are wise to ask how your Realtor came up with this price, but if he/she can substantiate it to your satisfaction you may be ok (and lucky). In our market, an aggressive strategy would be to start off marketing below the actual market price.
0 votes Thank Flag Link Wed Apr 15, 2009
If you want something more accurate, you can order an appraisal. Or, just go talk to other agents in the area and get more than one CMA and see how they compare. If you get 3-4 and they all say about the same, then thats wonderful!
0 votes Thank Flag Link Wed Apr 15, 2009
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