A formal CMA prepared by your real estate agent is the best way to compare a Seller's asking price with actual selling prices of similar homes recently sold in the same neighborhood.
The following CMA example is based on actual selling prices of recently sold homes, similar and close to "your target home.".
"Your target home," the one you want to buy:
134 Harbor Pl, marked with blue arrow below
10 years old
Asking price = $155,000
Address
Bedrooms
Baths
Square Ft.
Garage
List Price
Sold Price
DATE
134 Harbor Pl
4
2
1904
Y
$155,000
N/A
N/A
1
123 Harbor Pl
4
2
1770
N
$148,250
$145,000
3/18/01
2
128 Harbor Pl
4
2
1996
Y
$153,900
$152,000
6/15/01
3
44 Baltic
4
2 1/2
1812
N
$150,000
$149,950
12/5/00
4
12 Sea View
4
2
1772
N
$144,000
$142,250
8/02/01
5
22 Sea View
4
2
1710
N
$153,000
$152,000
11/1/01
Range of Sold Prices: $142,750 --- $152,000
Average - $148,340
On average, Buyers paid 1% less than Seller's asked
Is $155,000 a fair price ?
Maybe
If "your target home" is in better condition than the one at 128 Harbor Pl. (#2) which sold for $152,000 back in June.
If home prices have been rising in this neighborhood
Rising neighborhood prices seem to be supported by:
22 Sea View (#5) selling in November for $152,000 while,
12 Sea View (#4) sold in August for only $142,250.
That's almost a $10,000 increase in two months.
The next step is to drive or preferably, walk by each of the homes on the list and compare their size and condition with "your" home.
... ask your agent's opinion of the relative conditions and prices of the homes on the list.
Contract Package $14.20
Real estate forms & contracts to legally sell or buy a home. Download them in Microsoft Word format for Windows & Mac. Order now.
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Copyright Jan. 2006 by Audrie.com Corporation
Stone Mountain, Georgia Fax: 770-469-2180
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