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Stonybrook Montville

630 Main Road

Towaco, NJ 07082

P: 973.334.1416

Stonybrook Long Valley
7 East Mill Road

Long Valley, NJ 07853

P: 908.867.2050

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Stonybrook Realty NJ LLC is a real estate broker, and is independently owned and operated.
Stonybrook Realty NJ LLC is an Equal Opportunity Employer and supports the Fair Housing Act.

Copyright© 2018 Stonybrook Realty NJ LLC.

Competitive Market Analysis (CMA)

What would an upward or lower price adjustment look like based on the current market CMA?  Well, let’s look at an example.  Let’s say that the CMA of previously and recently sold similar homes shows that the listing price should be around $235,000.  However, those sales were between one month and three months old.  Our current market listing CMA shows that similar homes in the neighborhood are listed at $249,000 or thereabouts.  We and you may decide that the market is improving and justifies raising the listing price of your home to $245,000 so that it’s still competitive but a better deal for you.  Of course, this can work the other way as well.
 
A CMA reflects realistic market conditions that are critical to getting your property sold. This will include; Days on Market (DOM), Home Location, Comparable Home Sales in your neighborhood, and your home’s competitive position. We use a CMA to properly evaluate how your property compares to the current competition and suggests worthwhile corrections you can make to improve your home's position.

CMA of Sold Properties 
First we select comparable properties out of those sold recently and in the neighborhood or nearby. These “comparables” or “comps” are selected based on similarity in features, location and characteristics with your home. They must have been sold as recently as possible so the sold prices are of maximum value.

We then do a go through a detailed “adjustment” process to adjust their sold prices for any differences with your property. If a home has one more bedroom than yours, we would adjust that property’s sold price downward for the value of one bedroom to make the comparison “apples to apples.” We make adjustments for garages, bathrooms and other major features to bring our comps to closely compare with your home. Then we use those sold prices to arrive at a preliminary listing price for your home.

We say “preliminary” because we have another CMA step.

CMA of Current Listings 
Now we get more comps, but instead they’re properties currently listed and your competition. We go through the same adjustment process, and we come up with another, possibly higher or lower, price suggestion for your home. This second CMA gives us more up–to–date information about the market which could cause us to lower or raise our preliminary list price to adjust to the current market. Using the two CMA results and an experienced analysis of your home’s position in the marketplace, we can set a listing price that will get the job done.