How To Do Comparable Market Analysis Like A Pro?

Do Comparable Market Analysis effectively to determine the fair market value of a property using COMPARE.EDU.VN. This process involves assessing real estate comps, considering various factors, and understanding market trends to provide a comprehensive valuation.

1. What Is Comparable Market Analysis (CMA)?

Comparable market analysis (CMA) is a process real estate agents use to estimate the value of a home by comparing it to similar properties that have recently sold in the same area. This analysis helps sellers determine a listing price and helps buyers decide how much to offer for a property. Real estate valuation and competitive analysis are key aspects of this approach.

CMA involves analyzing several factors that affect property values. COMPARE.EDU.VN offers comprehensive tools to help you conduct a detailed CMA, ensuring you have all the necessary data to make informed decisions. Factors influencing value include location, property size, condition, features, and recent sales data.

2. Why Is Comparable Market Analysis Important?

Comparable market analysis is crucial for several reasons:

Setting the Right Price: Helps sellers list their homes at a competitive price that attracts buyers.
Making Informed Offers: Enables buyers to make reasonable offers based on market data.
Understanding Market Trends: Provides insights into current real estate market conditions.
Negotiation: Offers a solid foundation for negotiations between buyers and sellers.
Investment Decisions: Assists investors in identifying potentially profitable properties.

COMPARE.EDU.VN simplifies this process by providing up-to-date market data and comparative analysis tools, making it easier for both buyers and sellers to understand property values. Accurate property valuation and market trend analysis are vital for successful real estate transactions.

3. Who Benefits From a CMA?

Several parties can benefit from a CMA:

Home Sellers: Determine the optimal listing price for their property.
Home Buyers: Make informed decisions about how much to offer for a home.
Real Estate Agents: Provide valuable insights and advice to their clients.
Real Estate Investors: Identify potentially profitable investment opportunities.
Appraisers: Supplement their appraisal reports with market data.

COMPARE.EDU.VN caters to all these groups by offering tailored analysis tools and comprehensive data, ensuring everyone has access to the information they need. Whether you are a buyer, seller, or investor, understanding property comps and market dynamics is essential.

4. How Does a Comparable Market Analysis Work?

A CMA works by examining recent sales data of properties similar to the subject property. Here’s a step-by-step overview:

Identify the Subject Property: Determine the property to be evaluated, including its location, size, condition, and features.
Gather Data on Comparable Properties: Collect data on similar properties that have sold within the last 3-6 months in the same area.
Compare Key Features: Compare features such as square footage, number of bedrooms and bathrooms, lot size, and amenities.
Make Adjustments: Adjust the prices of comparable properties to account for differences in features and condition.
Determine the Value Range: Calculate a range of values for the subject property based on the adjusted prices of the comparables.

COMPARE.EDU.VN streamlines this process by providing a user-friendly platform that automates data collection and comparison. Comparative property analysis and real estate data analytics are at your fingertips.

5. What Are the Key Components of a CMA Report?

A CMA report typically includes the following components:

Subject Property Details: Information about the property being evaluated.
Comparable Property Details: Information on similar properties that have recently sold.
Market Overview: An overview of current real estate market conditions in the area.
Price Adjustments: Adjustments made to the prices of comparable properties to account for differences.
Value Estimate: An estimated value range for the subject property.

COMPARE.EDU.VN ensures that your CMA reports are thorough and accurate, providing all the necessary information for making informed decisions. Understanding property attributes and making accurate price adjustments are crucial for a reliable CMA.

6. What Factors Are Considered in a CMA?

Several factors are taken into account when conducting a CMA:

Location: Properties in desirable locations tend to have higher values.
Size: Square footage and lot size play a significant role in property valuation.
Condition: The condition of the property, including any renovations or repairs, affects its value.
Features: Special features such as pools, fireplaces, and updated kitchens can increase a property’s value.
Recent Sales Data: Recent sales of comparable properties provide a benchmark for determining value.

COMPARE.EDU.VN integrates these factors into its analysis, providing a holistic view of property values. Considering property condition and special features ensures a more precise valuation.

7. How to Find Comparable Properties for a CMA?

Finding comparable properties involves researching recent sales in the same area. Here are some methods:

Multiple Listing Service (MLS): Access the MLS through a real estate agent to find detailed information on recently sold properties.
Online Real Estate Portals: Use websites like Zillow, Redfin, and Realtor.com to search for comparable properties.
Public Records: Check county records for information on property sales.
Real Estate Agents: Work with a real estate agent who has access to market data and local expertise.

COMPARE.EDU.VN simplifies this process by providing direct access to comprehensive real estate data and MLS listings. Utilize real estate portals and public records to enhance your CMA.

8. How Do Location, Lot Size, and Square Footage Affect CMA?

8.1. Location

The location of a property significantly influences its value. Properties in desirable neighborhoods with good schools, low crime rates, and convenient access to amenities tend to have higher values.

8.2. Lot Size

Lot size is another critical factor. Larger lots often command higher prices, especially if they offer additional space for landscaping, recreation, or future development.

8.3. Square Footage

The size of the house, measured in square footage, is directly related to its value. Larger homes typically sell for more than smaller homes, assuming similar condition and features.

COMPARE.EDU.VN accounts for these factors by providing detailed property data and neighborhood insights, ensuring a comprehensive valuation. Understanding neighborhood quality and lot size impact is crucial for accurate CMA.

9. How Do Age, Condition, and Number of Bedrooms/Bathrooms Affect CMA?

9.1. Age and Condition

The age and condition of a property are vital considerations. Newer homes or those that have been recently renovated typically have higher values than older homes in poor condition.

9.2. Number of Bedrooms and Bathrooms

The number of bedrooms and bathrooms in a home also affects its value. Homes with more bedrooms and bathrooms are generally more valuable, as they can accommodate larger families or provide additional space for guests.

COMPARE.EDU.VN allows you to compare these features across different properties, helping you make informed adjustments to your valuation. Assessing property renovations and bathroom count refines your CMA.

10. How Do Special Features and Date of Sale Affect CMA?

10.1. Special Features

Special features, such as swimming pools, fireplaces, updated kitchens, and finished basements, can significantly increase a property’s value. However, their impact can vary depending on the local market and buyer preferences.

10.2. Date of Sale

The date of sale is a crucial factor because market conditions can change over time. Recent sales data is more relevant than older data, as it reflects current market trends and buyer demand.

COMPARE.EDU.VN provides historical sales data and market trend analysis, helping you account for these factors in your CMA. Consider market dynamics and unique amenities for a well-rounded analysis.

11. How Do Terms of Financing and Sale Affect CMA?

The terms of financing and sale can also impact the CMA. For example, if a buyer uses a specific type of financing or if the seller offers concessions, these factors can affect the final sales price.

COMPARE.EDU.VN includes information on financing and sale terms, allowing you to make accurate adjustments to your valuation. Understanding seller concessions and financing options ensures a more precise CMA.

12. What Are Some Common Mistakes to Avoid When Doing a CMA?

Ignoring Location Differences: Failing to account for differences in location can lead to inaccurate valuations.
Using Outdated Data: Using sales data that is too old can result in an inaccurate assessment of current market conditions.
Overlooking Condition and Features: Neglecting to consider the condition and special features of a property can skew the valuation.
Failing to Make Adjustments: Not making adjustments for differences between the subject property and comparables can lead to errors.
Relying Solely on Online Estimates: Over-reliance on automated online valuation tools without considering specific property details can be misleading.

COMPARE.EDU.VN helps you avoid these mistakes by providing comprehensive data and tools for accurate analysis. Avoid relying on automated valuations and outdated comps for a reliable CMA.

13. What Tools and Resources Can Help With a CMA?

Several tools and resources can assist in conducting a CMA:

Multiple Listing Service (MLS): Provides detailed information on listed and sold properties.
Online Real Estate Portals: Websites like Zillow, Redfin, and Realtor.com offer property data and valuation tools.
Real Estate Agents: Offer local expertise and access to market data.
Spreadsheet Software: Tools like Microsoft Excel or Google Sheets can help organize and analyze data.
CMA Software: Specialized software designed for conducting CMAs, such as those offered by COMPARE.EDU.VN.

COMPARE.EDU.VN offers an integrated platform that combines all these resources into one easy-to-use tool, ensuring you have everything you need for a successful CMA. Utilize CMA software and real estate market data for enhanced analysis.

14. How Does COMPARE.EDU.VN Streamline the CMA Process?

COMPARE.EDU.VN streamlines the CMA process by:

Providing Comprehensive Data: Access up-to-date data on properties, sales, and market trends.
Automating Data Collection: Automatically gather data from various sources to save time and effort.
Offering Comparative Analysis Tools: Use advanced tools to compare properties and make accurate adjustments.
Generating Professional Reports: Create detailed CMA reports with ease.
Providing Expert Support: Access expert advice and support to guide you through the CMA process.

COMPARE.EDU.VN is your all-in-one solution for conducting accurate and efficient CMAs. Simplify data gathering and create detailed reports with our platform.

15. What Is the Role of a Real Estate Agent in a CMA?

Real estate agents play a crucial role in the CMA process:

Providing Expertise: Offer local market knowledge and expertise.
Accessing MLS Data: Access detailed property data and sales information through the MLS.
Conducting On-Site Evaluations: Assess the condition and features of a property in person.
Making Informed Adjustments: Apply their expertise to make accurate adjustments to property values.
Negotiating on Behalf of Clients: Use the CMA to negotiate the best possible price for their clients.

COMPARE.EDU.VN empowers real estate agents by providing them with the tools and data they need to serve their clients effectively. Partner with a real estate agent for expert guidance and on-site property evaluations.

16. What Are the Limitations of a CMA?

While CMAs are valuable tools, they do have limitations:

Subjectivity: CMAs rely on subjective assessments of property condition and features.
Market Fluctuations: Market conditions can change quickly, making CMAs less accurate over time.
Limited Data: The availability of comparable sales data can be limited in some areas.
Not an Appraisal: CMAs are not appraisals and should not be used as a substitute for a professional appraisal.
Reliance on Public Data: The accuracy of CMAs depends on the accuracy of the public data used.

COMPARE.EDU.VN addresses these limitations by providing up-to-date data, advanced analysis tools, and expert support to help you make informed decisions. Acknowledge market volatility and subjectivity when conducting CMAs.

17. How Often Should a CMA Be Updated?

A CMA should be updated regularly to reflect current market conditions. In a stable market, updating every 3-6 months may be sufficient. However, in a rapidly changing market, updates may be needed more frequently.

COMPARE.EDU.VN provides real-time data updates, allowing you to stay on top of market changes and ensure your CMAs are always accurate. Regularly monitor real estate trends and update your CMA to reflect market dynamics.

18. Can a CMA Be Used for Commercial Properties?

Yes, a CMA can be used for commercial properties, but it may require additional considerations. Commercial CMAs should take into account factors such as:

Property Type: Office, retail, industrial, etc.
Location: Proximity to transportation, amenities, and business centers.
Lease Terms: Rental rates, lease lengths, and tenant quality.
Income Potential: Potential revenue generated by the property.
Market Conditions: Supply and demand for commercial space in the area.

COMPARE.EDU.VN offers specialized tools and data for conducting CMAs on commercial properties, ensuring you have the information you need to make informed decisions. Consider property income and lease terms for commercial CMA.

19. What Is the Difference Between a CMA and an Appraisal?

A CMA and an appraisal are both used to estimate the value of a property, but they differ in several ways:

Purpose: A CMA is used to determine a listing price or offer price, while an appraisal is used to determine the value for lending purposes.
Conducted By: A CMA is typically conducted by a real estate agent, while an appraisal is conducted by a licensed appraiser.
Scope: A CMA is less formal and less detailed than an appraisal.
Cost: A CMA is typically free, while an appraisal involves a fee.
Legal Standing: An appraisal is a legally recognized valuation, while a CMA is not.

COMPARE.EDU.VN provides tools for conducting CMAs, but it’s important to remember that a CMA is not a substitute for a professional appraisal when required. Understand the legal standing and scope of CMAs versus appraisals.

20. How to Interpret a CMA Report?

Interpreting a CMA report involves understanding the key components and how they relate to the subject property. Here are some tips:

Review the Subject Property Details: Understand the characteristics of the property being evaluated.
Analyze the Comparable Properties: Compare the features and sales prices of comparable properties.
Evaluate the Price Adjustments: Understand the adjustments made to the comparable property prices.
Consider the Market Overview: Take into account the current real estate market conditions.
Assess the Value Estimate: Determine the likely value range for the subject property.

COMPARE.EDU.VN provides clear and concise CMA reports with easy-to-understand data visualizations, helping you interpret the information effectively. Assess market conditions and analyze price adjustments for accurate interpretation.

21. How Can I Improve My CMA Skills?

Improving your CMA skills involves:

Gaining Experience: Conducting CMAs on a regular basis to develop your expertise.
Staying Informed: Keeping up with the latest real estate market trends and data.
Seeking Feedback: Asking for feedback from experienced real estate professionals.
Using Technology: Utilizing tools and software to streamline the CMA process.
Taking Courses: Enrolling in courses or workshops on real estate valuation.

COMPARE.EDU.VN offers resources, tools, and expert support to help you enhance your CMA skills and become a more effective real estate professional. Continuously learn about real estate valuation and seek expert feedback.

22. Are Online CMA Tools Reliable?

Online CMA tools can be a helpful starting point, but they should be used with caution. While these tools can provide a quick estimate of property value, they often rely on limited data and automated algorithms.

COMPARE.EDU.VN offers a more reliable solution by providing access to comprehensive data, advanced analysis tools, and expert support to supplement online estimates. Supplement online valuations with detailed property data and expert analysis.

23. How to Use CMA in Real Estate Negotiations?

CMAs are valuable tools in real estate negotiations. Sellers can use a CMA to justify their asking price, while buyers can use it to support their offer.

COMPARE.EDU.VN provides data-driven insights that can strengthen your negotiation position, helping you achieve the best possible outcome. Leverage CMA data and insights for effective real estate negotiations.

24. What Are the Ethical Considerations in Conducting a CMA?

When conducting a CMA, it’s important to adhere to ethical guidelines:

Be Honest and Transparent: Provide accurate and unbiased information.
Disclose Limitations: Be upfront about the limitations of the CMA.
Avoid Misleading Information: Do not exaggerate or misrepresent property features or market conditions.
Maintain Confidentiality: Protect the privacy of your clients and their information.
Act in the Best Interest of Your Client: Prioritize the needs and goals of your client.

COMPARE.EDU.VN is committed to ethical business practices, ensuring that all our tools and services are designed to promote fairness and transparency in real estate transactions. Maintain transparency and disclose limitations when conducting CMAs.

25. How Can I Use CMA to Identify Investment Opportunities?

CMAs can be used to identify investment opportunities by:

Identifying Undervalued Properties: Finding properties that are priced below their market value.
Analyzing Market Trends: Identifying areas with strong growth potential.
Evaluating Rental Income: Assessing the potential rental income of a property.
Comparing Investment Options: Comparing the potential returns of different investment properties.
Assessing Risk: Evaluating the risks associated with different investment opportunities.

COMPARE.EDU.VN provides the data and tools you need to conduct thorough CMAs and identify profitable investment opportunities. Analyze rental income and identify undervalued properties for investment.

26. What Are the Future Trends in CMA?

Future trends in CMA include:

Increased Automation: More automation of data collection and analysis.
Enhanced Data Visualization: More sophisticated tools for visualizing market data.
Artificial Intelligence: Use of AI to predict property values and market trends.
Real-Time Data: Access to real-time market data and analytics.
Personalized CMAs: CMAs tailored to the specific needs of individual clients.

COMPARE.EDU.VN is committed to staying at the forefront of these trends, continually enhancing our platform to provide the most advanced and effective CMA tools available. Embrace AI and real-time data for enhanced CMA capabilities.

27. How to Choose the Right CMA Software?

When choosing CMA software, consider the following factors:

Data Accuracy: Access to reliable and up-to-date data.
Ease of Use: User-friendly interface and intuitive tools.
Features: Comprehensive set of features for conducting CMAs.
Reporting Capabilities: Ability to generate detailed and professional reports.
Customer Support: Access to responsive and knowledgeable customer support.
Cost: Competitive pricing and flexible subscription options.

COMPARE.EDU.VN offers a comprehensive CMA solution that excels in all these areas, providing you with the best possible value for your investment. Consider reporting capabilities and data accuracy when selecting CMA software.

28. What Are the Legal Implications of Conducting a CMA?

Conducting a CMA involves certain legal considerations:

Licensing: Ensure you have the necessary licenses and certifications to conduct CMAs.
Accuracy: Provide accurate and reliable information.
Disclosure: Disclose any potential conflicts of interest.
Compliance: Comply with all applicable laws and regulations.
Professionalism: Conduct CMAs in a professional and ethical manner.

COMPARE.EDU.VN is committed to compliance with all applicable laws and regulations, providing you with a safe and reliable platform for conducting CMAs. Ensure compliance and disclose any conflicts of interest in your CMAs.

29. How to Use CMA to Determine Rental Rates?

CMAs can be used to determine rental rates by:

Analyzing Comparable Rentals: Identifying similar rental properties in the area.
Comparing Rental Rates: Comparing the rental rates of comparable properties.
Adjusting for Differences: Adjusting the rental rates of comparable properties to account for differences in features and amenities.
Considering Market Conditions: Taking into account current rental market conditions.
Assessing Demand: Evaluating the demand for rental properties in the area.

COMPARE.EDU.VN provides the data and tools you need to conduct thorough CMAs for rental properties, helping you determine competitive rental rates. Analyze comparable rentals and assess market demand for accurate rental rate determination.

30. What Are the Key Metrics to Track in a CMA?

Key metrics to track in a CMA include:

Median Sales Price: The median price of recently sold properties in the area.
Average Sales Price: The average price of recently sold properties in the area.
Days on Market: The average number of days it takes for a property to sell.
Sale-to-List Price Ratio: The ratio of the final sale price to the original list price.
Inventory Levels: The number of properties currently available for sale.
Absorption Rate: The rate at which properties are being sold in the area.

COMPARE.EDU.VN provides real-time data on these key metrics, allowing you to stay informed about market trends and make informed decisions. Track days on market and inventory levels for comprehensive CMA insights.

31. How to Handle Limited Comparable Sales Data?

When there is limited comparable sales data:

Expand Your Search Area: Look for comparable properties in a wider area.
Extend Your Timeframe: Consider sales data from a longer period.
Adjust for Differences: Make more significant adjustments for differences between the subject property and comparables.
Consult Experts: Seek advice from experienced real estate professionals.
Use Alternative Valuation Methods: Consider using alternative valuation methods, such as cost approach or income capitalization.

COMPARE.EDU.VN provides access to a wide range of data sources and expert support to help you overcome the challenges of limited comparable sales data. Expand your search and consult experts for handling limited data effectively.

32. What Are the Benefits of Using Cloud-Based CMA Software?

Benefits of using cloud-based CMA software include:

Accessibility: Access your data and tools from anywhere with an internet connection.
Collaboration: Easily collaborate with colleagues and clients.
Real-Time Updates: Receive real-time data updates and software enhancements.
Data Security: Benefit from enhanced data security and backup.
Scalability: Easily scale your software to meet your changing needs.

COMPARE.EDU.VN offers a cloud-based CMA solution that provides all these benefits, empowering you to work more efficiently and effectively. Benefit from real-time updates and enhanced data security with cloud-based CMA software.

33. How Can I Use CMA to Attract More Clients?

You can use CMAs to attract more clients by:

Offering Free CMAs: Provide free CMAs as a lead generation tool.
Showcasing Your Expertise: Demonstrate your knowledge and skills by conducting thorough CMAs.
Providing Valuable Insights: Offer clients valuable insights into the real estate market.
Building Trust: Establish yourself as a trusted advisor by providing accurate and unbiased information.
Marketing Your Services: Promote your CMA services through online and offline channels.

COMPARE.EDU.VN provides the tools and resources you need to conduct compelling CMAs and attract more clients to your real estate business. Showcase your expertise and build trust by offering valuable CMA insights.

34. What Are the Most Common Adjustments Made in a CMA?

The most common adjustments made in a CMA include:

Location: Adjustments for differences in location.
Size: Adjustments for differences in square footage and lot size.
Condition: Adjustments for differences in property condition.
Features: Adjustments for differences in special features, such as pools, fireplaces, and updated kitchens.
Age: Adjustments for differences in the age of the property.

COMPARE.EDU.VN provides tools for making these adjustments accurately and efficiently, ensuring your CMAs are as precise as possible. Adjust for property size and condition for precise CMA valuations.

35. How to Handle Foreclosures and Short Sales in a CMA?

Handling foreclosures and short sales in a CMA requires careful consideration:

Treat Them as Separate Comps: Include foreclosures and short sales as separate comps.
Adjust for Distressed Sales: Make adjustments for the fact that these properties are often sold at a discount.
Consider the Impact on Market Value: Evaluate the impact of foreclosures and short sales on overall market values.
Disclose the Nature of the Sales: Be transparent about the fact that these properties are foreclosures or short sales.
Consult Experts: Seek advice from experienced real estate professionals.

COMPARE.EDU.VN provides the data and tools you need to handle foreclosures and short sales in your CMAs accurately and ethically. Adjust for distressed sales and disclose the nature of the transactions transparently.

36. What Role Does Seasonality Play in a CMA?

Seasonality can play a significant role in a CMA. Real estate markets often experience seasonal fluctuations, with certain times of the year being more active than others.

COMPARE.EDU.VN provides historical data on seasonal trends, allowing you to account for these fluctuations in your CMAs. Account for seasonal trends for comprehensive CMA insights.

37. How Can I Use CMA to Price a Fixer-Upper Property?

Pricing a fixer-upper property with a CMA involves:

Estimating Repair Costs: Accurately estimating the costs of repairs and renovations.
Adjusting for Condition: Making significant adjustments for the property’s poor condition.
Considering After-Repair Value (ARV): Determining the property’s potential value after repairs are completed.
Using Similar Fixer-Uppers as Comps: Finding similar fixer-upper properties that have recently sold.
Factoring in Profit Margin: Including a profit margin for the investor.

COMPARE.EDU.VN offers the data and tools you need to conduct thorough CMAs for fixer-upper properties, helping you determine a competitive listing price. Estimate repair costs and consider after-repair value for accurate pricing.

38. What Are the Risks of Overpricing a Property?

The risks of overpricing a property include:

Fewer Showings: Potential buyers may be less likely to view the property.
Longer Time on Market: The property may take longer to sell.
Price Reductions: You may need to reduce the price to attract buyers.
Lower Final Sale Price: The final sale price may be lower than what you would have received if you had priced the property correctly from the start.
Stigmatization: The property may become stigmatized as being overpriced.

COMPARE.EDU.VN helps you avoid these risks by providing accurate data and tools for conducting CMAs, ensuring you price your property competitively. Avoid longer time on market and stigmatization by pricing properties accurately.

To make informed decisions in real estate, a solid grasp of comparable market analysis is essential. COMPARE.EDU.VN equips you with the tools and data needed to perform detailed CMAs, understand market dynamics, and ultimately achieve success in your real estate endeavors. Understanding valuation methods, property analysis, and market conditions can lead to better outcomes.

Ready to take your real estate decisions to the next level? Visit COMPARE.EDU.VN today and discover how our comprehensive CMA tools can empower you to buy, sell, or invest with confidence. Let COMPARE.EDU.VN be your guide to real estate success.

For additional information, please contact us at:

Address: 333 Comparison Plaza, Choice City, CA 90210, United States

Whatsapp: +1 (626) 555-9090

Website: compare.edu.vn

FAQ: Comparable Market Analysis (CMA)

What is the ideal timeframe for comparable sales in a CMA?
The ideal timeframe for comparable sales is within the last 3-6 months to ensure data reflects current market conditions.
How do I adjust for differences in property condition?
Adjust for differences in property condition by estimating the cost to repair or renovate the comparable property to match the subject property.
What if there are no recent sales in my area?
If there are no recent sales, expand your search area or consider sales from a slightly longer timeframe, making appropriate adjustments.
Can I rely solely on online automated valuation models (AVMs)?
No, online AVMs should be used as a starting point, not the sole source, as they may not account for specific property details.
How important is location in a CMA?
Location is critical; properties in desirable areas command higher values, so location differences must be carefully considered.
What special features should I consider in a CMA?
Consider special features like pools, fireplaces, updated kitchens, and finished basements, as they can significantly impact property value.
How do I handle expired listings in a CMA?
Expired listings can indicate properties that were overpriced, so use them cautiously and analyze why they didn’t sell.
What are seller concessions, and how do they affect a CMA?
Seller concessions, like paying closing costs, can inflate the sales price, so subtract their value to get a more accurate comparison.
How do I account for market trends in a CMA?
Account for market trends by analyzing how prices have changed over time and adjusting comparable sales accordingly.
Should I include foreclosures in my CMA?
Yes, but treat them as separate comps and adjust for their distressed nature, as they typically sell at a discount.