WHAT IS A CMA?
We have the tools and knowledge to create a Comparative Market Analysis with recent market data to help you estimate your home's value.
While a CMA is based on sales data, it also requires local market expertise about which homes to compare and how to interpret the prices. We will look for recent comparable sales (comps) of homes that are similar to yours that have sold preferably within the past 3-6 mos. When comparing your home to others, we use comps to help calculate an estimated list price. Comps include the home's sq/ft, number of bedrooms, number of bathrooms, lot/acreage size, upgrades, condition of home, location, amenities, etc.
In addition, we look at other homes currently on the market. Current Active & Pending homes can help us study Days on Market (DOM). We can compare Active and Pending DOM's to estimate how quickly your home should sell, if priced accordingly.
We will carefully calculate the variables that go into a CMA to help determine an estimated List Price of your property. Please contact us today for a FREE CMA!
*Please note, a CMA is an estimated sales price of a property. It is not the same as an opinion of value in an appraisal developed by a licensed appraiser under the Uniform Standards of Professional Appraisal Practice.
WHAT YOUR HOME ISN'T WORTH!?!?!
Homeowners may find it confusing that there are various numbers floating around that indicate their home value. Here are a few:
PROPERTY TAX ASSESSMENT. Each jurisdiction uses a formula to establish home values for a tax assessment, but this price rarely correlates with the market value of your home. Your tax assessment can be higher or lower than the current market value.
HOMEOWNER'S INSURANCE VALUE. Insurance estimates are based on the cost of replacing your home without the land, so this value is skewed compared to market value.
MORTGAGE BALANCE. Your mortgage balance simply reflects your how much you owe on your home loan. The difference between your loan payoff and the market value of your home is your equity.
NEIGHBOR'S HOME VALUE. Even if your neighbor’s home is similar to yours, it’s not likely to be identical. We can help you evaluate your home’s worth in the context of other nearby properties.
PRICE YOU PAID FOR YOUR HOME. Regardless of how long ago you purchased your property, the value can have gone up or down.
WHAT YOU NEED TO SELL IT FOR. You can always try to put your home on the market for your desired price, but if it's not priced correctly, you could be either short changing yourself or setting yourself up for a long time on the market without a sale.