And in real estate, the guiding rule has been "location, location, location." However, as the market shifted, it is also about "price, price, price."
In the face of looking and growing number of foreclosures and short sales, we have found homes that have been trashed, stripped of anything and everything that can be re-sold (appliances, heating/cooling units, copper). As such, although some homes may look virtualy undisturbed outside, it could be a total wreck inside. So the third factor must be the condition of the property. Has it been upgraded, or is it in state of disrepair?
As such, the value of the property is measured based on location, price and condition.
What a Comparable Market Analysis will show you is how much homes similar to this property are worth (based on how much they sold for). But that analysis is merely the first step, and won't be the ONLY factor in pricing this property. Physical inspection of the property is necessary.
You really need to have your agent work with you and show you the comps. It is not easy for agents on Trulia to give you a fair price without seeing the property. I hope you are working with an agent.
Help-U-Sell Achievers Realty
A CMA gives you the best representation of market price/activity/trend direction - for the specific property details you search on. Generalized stats are easier to come by, but that doesnâ€™t mean they should be used to make one of the most important financial decisions of your life.