Comparative Marketing Analysis (CMA)
What is a "comparative marketing analysis", and how does it help in pricing a property correctly? With homes making up a large
part of many South Africans investment worth - many ask themselves "What is my property worth?"
Regardless of whether you are selling property now or are simply trying to get an idea of your property value and you are considering enlisting the assistance of an estate agent, you need to ensure you understand the methods employed to ascertain accurate property values and avoid mistakes Sellers make.
Wise South African property sellers should ask for a proper Comparative Marketing Analysis from their estate agent before putting
their property onto the market or even listing their property with an estate agent.
A professionally completed Comparative Marketing Analysis involves some hard work, research and a strong knowledge base on
prevailing local real estate market conditions, what properties are currently for sale and what recent housing sales have been.
When you are preparing to sell your property, a property CMA is an invaluable tool in arriving at an accurate property value in
today's competitive market.
Should I get a Home Inspection Report?
The issue of Home Inspections is a topical one in the South African property industry and amongst real estate Buyers and Sellers. As A Purchaser - Should I Get a Home Inspected?
Inspecting the physical condition of a property you are looking to purchase can be an important element of the home buying process, and if you have concerns or are unsure of any element of a property’s condition or feel that an additional opinion from a qualified party would give you comfort it’s a route you should consider following.
Why should a Home Inspection be necessary?
Whilst your Estate Agent may have been given an undertaking verbally or in writing by the property seller, they are primarily property marketing professionals. A good real estate agent will take a general overview of the condition of the home to provide a market estimate of the property’s value. An estate agent will not climb onto the roof or crawl into the roof cavity though as an example, and they are not able to evaluate the likes of the causes of damp, plumbing issues or even electrical problems. Estate agents are trained to help the seller correctly price the house in the light of prevailing market conditions and to conclude a successful sale by bringing willing buyers to the property and then assisting in the sales negotiations.
Aren't I protected by the Bank inspecting the Property?
Many think that if they are taking a Mortgage Bond on a property that the Banks Valuer will do a “Home Inspection” – but that isn’t the case. The Banks “Inspector” is there to ensure there is sufficient value in the property to cover the Mortgage required in the event of default.
Home Inspections are a relatively new offering in the SA real estate arena and whilst they aren't fool-proof or a Guarantee, they often provide a certain peace of mind for prospective property purchasers who have concerns and are looking for some additional reassurance.
At KINGDOM REALTY we offer Sellers and Buyers the opportunity to have Home Inspections performed through certified Home
Inspection providers.
As the whole area of Home Inspections is a very new one and is of interest to many of our Sellers, Buyers, Landlords and Tenants, we have asked KEVIN CROFT, the CEO of pROPCheck, to provide us with some information on Home Inspections.
