Charleston SC Metro Real Estate: Going beyond the CMA

Going beyond the CMA

In today's market a seller needs every edge he/she can get in order to sell their home.  It is the Realtor's responsibility to not only share a Comparable Market Analysis (CMA) with them, but in the current market we also need to go a step further.  With inventory out pacing demand in most of our markets we need to take into account the accumulation rate (rate at which inventory comes onto the market) as well as the absorption rate (rate at which homes are selling in any given area).  If we as Realtors simply hand the customer or client a CMA, that person's home may be on the market for quite some time. 

                                                                                         

There are two ends of the spectrum - price is on one end while time is on the other.  If the price is only average in your market then the condition, incentives, and marketing effort have to be better than average in order for it to sell before the other homes on the market.  If the condition, incentives and marketing effort are average or worse, then the price will have to be better than average to sell in a reasonable amount of time.  Knowing how to read the area's absorption rate and monthly accumulation rates can help sell the home for the most money in the least amount of time.  That, after all, is the ultimate goal and the very definition of a successful sale!

 

If you have a home anywhere in the Charleston Metro Area and would like to get more information about selling your home, please contact me for a free home evaluation. 

I also work with buyers.  If you are interested in more information about buying a home please contact me and I would be glad to meet with you or email you a list of homes.

 

Michael J. Johnson, Realtor, ABR

www.metrocharlestonhomes.com

843-817-5299

michaeljohnson@carolinaone.com

"Providing the Light to Guide You Home"

 

 

 

 

 

 

12 comments • Michael Johnson, REALTOR, ABR - Goose Creek SC • October 22 2007 05:55PM

Comments

You're one smart cookie and you'll live longer without the angst of an overpriced listing that will eat an agent alive.

 

Posted by Lenn Harley, Real Estate Broker, Virginia & Maryland (Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate) over 2 years ago
Michael - I agree with Lenn.  Knowing your marketing and paying special attention to the time factor as well as proper pricing is extremely important in the present market.
Posted by Jennifer Fivelsdal, Mid Hudson Valley (JFIVE HOMES REALTY LLC) over 2 years ago
Great post.....
Posted by Chapman Realty Homes Brunswick Georgia over 2 years ago
I agree, very smart post. Price seems to be KING in this market.  Price will resolve time and condition problems.
Posted by Debbie Cook (Long & Foster Real Estate, Inc) over 2 years ago
Thanks to the week in review, I've been able to learn a little from your post!  I guess I better start playing with those absorption rate formulas!!!!!! And learn them.
Posted by Natalie Langford, Winchester, VA Real Estate (Realty Negotiations) over 2 years ago
Hi Michael,
I don't think there is anything more important for a client to be educated on than his/her market.  Thanks for your wisdom.
Posted by Cynthia Tilghman, Realtor® Onslow County NC Home Specialist (Kingsbridge Realty, Inc) over 2 years ago

Michael,

Just thought I'd mention that we put this post into our version of this week in review.  We thought it was a great post!

Posted by Pascack Valley Real Estate, Lisa and Robert Hammerstein (Coldwell Banker) over 2 years ago
Michael-It is all about our clients and keeping them well informed.  I love your perspective on the CMA.  Right now it's not always the only thing to stand by to sell the home. 
Posted by Julie Neerings~Lifting Hearts ♥ Building Dreams~Utah REALTOR® (Keller Williams Salt Lake City) over 2 years ago
Mike:  This is a great post.  I can really put this information to good use to learn to go beyond the CMA.
Posted by Donna Yates, Blue Ridge Real Estate, North Georgia Mountains (Coldwell Banker High Country Realty) over 2 years ago
Good post!  I often see homes come on the market that are overpriced and not in selling condition.  It makes me wonder how it's worth the seller's and Realtor's time.
Posted by Maui Real Estate - Lisa B. Miller R(S) (Keller Williams Realty Maui) over 2 years ago
Thanks everyone for the positive feedback.  I hope the information makes a difference in your listing presentations.
Posted by Michael Johnson, REALTOR, ABR - Goose Creek SC (Carolina One Real Estate) over 2 years ago
Good strategy.  Thanks.
Posted by Adele Irving - Easton Area Homes (Prudential Patt, White Real Estate) over 2 years ago

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