Fortunately for us Jersey City Real Estate CMA’s are usually a lot easier to compile than in may areas of the state or the country. The obvious reason for this is the liquidity of the real estate market. The healthy level of turnover provides us with an almost real time picture of the prices that the market places on homes in Jersey City
Normally to construct a CMA, real estate agents scour the Multiple Listing Services for data on properties that were sold, are under contract and are currently active in a market. Of course the properties have to be very similar to each other. If no similar properties can be found then agents have to make adjustments. When preparing a Jersey City Real Estate CMA that’s not usually a problem. Not only is the market very liquid but also there are a lot of similar properties on the market. In the current market we can find at least a few properties for sale that are very similar to yours. Evidently the large number of condominium buildings in Jersey City really helps with that. The same holds true for single and multiple family homes. In all the years that I’ve been working in Jersey City Real Estate only once I was truly stumped doing a CMA.
Jersey City Real Estate CMA, How Unique is Your Home?
Even though your home might be the same size and configuration as say the one next door or the one just above or below you in a building there can be significant differences .
Wear and tear takes its toll on all thing and real estate is no different. Did the neighbor’s dog sharpen his teeth on the molding in the their apartment? If so, and it hasn’t been repaired, it will have an impact on price. Not just the repair costs may be deducted but the “curb appeal” will also suffer and will result in lower prices.
Don’t dismiss “cosmetic” damages. The price may be reduced not just by the cost of repairs but appearances influence the overall perception and the incoming offers will be adjusted lower accordingly
Updates are also very important.
- How comparable are the other homes to the one you are interested in buying?
- Are the homes you’re comparing of similar age and size?
- Are the other homes in the same neighborhood?
- How many bedrooms and baths do they have?
- Are the homes single story or two stories?
- What size are the lots on which the homes sit?
- Are the homes single-family, townhomes or condominiums?
However, the CMA can’t tell you everything you need to know. CMAs will list the age of the home and the age of recent updates, but beyond that you don’t know how old fixtures or amenities are. The pool at the home you want may be in need of retiling or resurfacing, which can be quite expensive. Or the air conditioner may be close to replacement. For that reason, the CMA should be used as a guide. A CMA can’t tell you whether a home backs up to a highway, whether it’s in poor or good condition, and if it’s been updated and how well. You need to see these homes for yourself, so you can understand the differences in price, features, and location. And that’s where your agent can be invaluable. With his market knowledge, or her neighborhood expertise, your agent can give you the house-by-house information you need to make a better-informed decision.
In conclusion, we are fortunate that preparing a Jersey City Real Estate CMA is not as difficult as in other areas. with that in mind there is no excuse for your broker to not price your home properly to sell at the highest price possible.