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Reason 05 - The Real Estate Broker or Agent Can Provide You with Comparative Market Analysis
Another important requirement before you engage into a serious look-out of a property is to require your agent to provide you with the Comparable Market Analysis (CMA). With so much properties being offered in the market today, a buyer should be wise enough to examine the comparisons between properties offered in the same locality. Your trusted broker or agent can help in such department.
Before a real estate product is put into the market, the sellers of the property have already obtained a good CMA, whether it’s raw land, house or building. The CMA allows them the flexibility in the pricing scheme of the product. Thus, it is very important for buyer to determine and obtain a copy of the CMA. In this regard, your trusted broker can get you a copy considering his relationship with the property sellers and the players in the industry.
Among the many roles that your trusted real estate agent can do for you is in obtaining the copy of CMA. Make sure that you are able to read and understand the content of the CMA, which usually comes in a fifty-page information pack.
Aside from finding out the comparative market analysis within the CMA, there are other key information you can get from the said document, among them your real estate agent’s experience and portfolio in his professional practice, as well as report on active listings of other real estate brokers within your area of interest.
You may also find out available listings of pending properties. However, these are not considered comparable sales. Actual prices of these pending listings can be determined after the purchase deal was closed.
It also very important to note that there is a limit of days indicated in the pending list. If the price of the real estate product under the pending list has exceeded your appraisal, you are bound to face longer “Days on Market” or DOM. It is the total number of days indicated in the list.
Aside from the pending list, another vital consideration is to spot out the “sold listings.” Again, your agent can provide you with good information on this matter. It is important for you to be able to check out the properties you are eyeing. You might not have known that it is sold to another buyer already.
Your real estate agent can easily cancel a transaction immediately if the property is found questionable or already sold to another buyer. Significantly, it is best to obtain the CMA and know the current state of your desired property to avoid problems.
Buy, Sell, Rent, Invest, In Singapore
Billy Chen
CEA Registration Number : R029372I
Tel: (+65) 88689999
Fax: (+65) 64021826
billy@billychen71.com
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