comercial real estate

Discover the difference between a "Comp" vs a "CMA"

In Real Estate there's often terminology that can be confusing at times. In this series we are looking to dispel some of the confusion and explain the main difference between a "COMP" and a "CMA".

A comparable property (or comp), is an individual property that is used to asses the value of a home. Say for example you own a 2 Storey home, with 4 bedrooms, 2 bathrooms, a finished basement and a property with all these features just sold two doors down from you, then we would definitely call that a Comp. If for example the Comp didn't have a finished basement, only had 3 bedrooms an 1.5 bath then we would be able to attribute values to those items and adjust the market value of your home accordingly. 

A "CMA" or Competitive Market Analysis takes into account multiple Comps to come up with the best price. The reason for taking a variety of sales to ascertain the best price is to get an idea of the trends in your area. There's always a ton of info the agent should be looking to find out when doing their assessment; 

- Average days on market
- Were there any motivations that caused properties to sell undervalued
- Were there multiple offers on a specific property that made it go over market value.  
-etc..

Make sure you've got representation that's putting in the work to find out all the facts and doing the proper due diligence. A lot of times a good agent with a good network can make the calls and find out things that may make a big financial difference when buying or selling. 

Hope this was helpful to you all our there and please subscribe and give us some feedback on our video series. Happy to cover any topics for our audience!

Real Estate Tip: What does Pre-Approval REALLY mean?!

One of the biggest hurdles in any Real Estate transaction can be the financing condition. What we detail in this quick tip video is that pre-approval doesn't necessarily mean you can waive your financing condition prior to obtaining actual approval. This goes for Commercial Real Estate, Residential Real estate, Farms, Investment, Business purchases etc...

If you have any questions feel free to reach out anytime and we'll be happy to shoot a video just for you!

www.theClosers.ca

Quick Tip: Be Aware you might be on Candid Camera!

This day and age there is a lot of seller leveraging information technology to protect themselves, and to get a leg up on the competition. Be aware that when viewing homes, with your Realtor or at open houses, there is a good chance you're being recorded.

Real Estate Tips: 5 thing you need to know about Redeveloping Property

There are many situations where the best and highest use for a property has yet to be discovered an implemented. In this video, we showcase a few items that should be noted when entering into Real Estate Transactions with the purpose of redevelopment. This applies to both Commercial and Residential Real Estate.

Market Update July 2014- Record setting numbers yet again..

That makes it the third month in a row that the sales statistics in the LSTAR jurisdiction (London) have hit record highs. We see it in the streets every day and the buzz among professionals is this have only been getting busier and busier. Our days often begin at 6-7am and end at well after 11pm as the buyers and sellers are making moves at all hours of the day. This month included 4 Multiple on 4 different properties, 20+ contract drafted, 7 new listing opportunities and countless inquiries as to what is going on out there in the wild(literally we were standing in a cow pasture listings a farm with a very friendly cow last night.).  Granted, Real Estate is hyper local and every single community within a city is experiencing differing degrees of activity, so if you're wondering where these are an what types of transactions are happening feel free to give us a call. We'll be happy to tell you what your neighbours place just sold for or what to expect in the next 3-6 months to help you plan accordingly.  519-860-6547 or by email info@theclosers.ca