COMPARATIVE MARKET ANALYSIS
KNOWING THE VALUE OF A HOME IS THE FIRST STEP IN SELLING A HOUSE. BUT THIS CAN BE A DIFFICULT TASK. IT'S NOT ENOUGH TO HAVE A ROUGH ESTIMATE. AN AGENT IS A TRAINED PROFESSIONAL WHO UNDERSTANDS LOCAL HOUSING MARKETS AND MAKES A PROFESSIONAL JUDGEMENT AS TO WHAT A HOME IS WORTH. ONE IMPORTANT TOOL A REAL ESTATE AGENT HAS AT HIS OR HER DISPOSAL IS A COMPARATIVE MARKET ANALYSIS.
WHAT IS A COMPARATIVE MARKET ANALYSIS (CMA)?
A Comparative Market Analysis is an evaluation of similar homes in an area - also known as comparables - to determine the value of a home.
Once we have some very important details we can begin creating a free, no-obligation, customized, and detailed comparative market analysis prepared especially for you.
ELDER TREE REALTY WILL PROVIDE TO YOU:
How much homes similar to yours have sold for recently.
How long these homes were on the market before they sold.
What your "competition" would be should you decide to put your home on the market right away.
When developing your comparative market analysis we use comparable home criteria. We aim to match as much criteria as possible. The more the better. Standard criteria are:
Location: The location of a home is more than its school district. Location includes things such as a view of a lake compared to a view of a cell phone tower.
Type: Compare your house to a house - not a condo. Compare your condo to a condo - not a house.
Date of Sale: We will attempt to look at the most recent home sales to serve as comparable homes to yours. It's not nearly as valuable knowing the asking price for currently listed homes as it is to know what comparable homes have recently sold.
Size: Your comparable's square footage should be similar to yours.
Neighborhood & School District: If at all possible your comparable should be within the same neighborhood and school district.
Number of Bedrooms & Baths: Try to compare homes with similar bedrooms and baths. There is some wiggle room here, but a home with three or even four more bedrooms than your house isn't a strong comparable.
Age & Style: Try to compare homes with similar styles and from the same age group.
Condition of Home: Is your house a fixer-upper in need of new paint, new flooring, a new roof and some yard work, etc?
Remodeling & Updates: Has your home undergone any recent improvements that would be desirable to a buyer?
Lot Size & Usability: You don't want to compare a significantly large lot to a modest lot.