Competitive Market Analyses (CMAs) have been around for decades. Although commercial real estate usually relies on price-per-square-foot evaluations, residential real estate has been slower to adopt this approach for a variety of reasons.
- The focus for homebuyers has shifted from bedroom bath, and price to lifestyle, affordability and commute time.
- Agents will use data analytics to augment their personal feature and lifestyle expertise in the future.
- Companies are already working on creating algorithms that will calculate the true cost of overall homeownership including the age of the home's features.